????公司與維權(quán)股東的爭(zhēng)執(zhí)通常都沒有惡意，比如美國(guó)在線（AOL）。當(dāng)然，雅虎與美國(guó)在線不同，但從上世紀(jì)90年代的巔峰時(shí)期之后，兩家公司都失去了發(fā)展的動(dòng)力，并且一直在努力從很有前景的資產(chǎn)中挖掘價(jià)值。2011年，美國(guó)在線接受了激進(jìn)的對(duì)沖基金Starboard Value，目前該基金持有美國(guó)在線5.3%的流通股。公司與對(duì)沖基金曾就公司領(lǐng)導(dǎo)策略問(wèn)題公開爭(zhēng)執(zhí)，但最后美國(guó)在線努力保證這種爭(zhēng)論能夠做到心平氣和，甚至推動(dòng)了公司的發(fā)展：從今年年初以來(lái)，美國(guó)在線的股價(jià)已經(jīng)上漲了70%，達(dá)到了每股26美元。

????當(dāng)然，美國(guó)在線的問(wèn)題并沒有完全解決。蒂姆?阿姆斯特朗仍面臨著巨大的壓力，他必須想辦法實(shí)現(xiàn)他所提出的復(fù)興策略，其中包括將公司轉(zhuǎn)變?yōu)楦哔|(zhì)量?jī)?nèi)容生產(chǎn)商。但與雅虎和第三點(diǎn)公司的激烈交火不同，雖然美國(guó)在線與Starboard之間仍存在分歧，但兩者之間只是在進(jìn)行嚴(yán)肅的討論而已。

????雅虎不得不繼續(xù)尋找CEO人選，這對(duì)于股東而言并非好事。代理CEO列文森在發(fā)給雅虎員工的備忘錄中提到湯普森辭職的事：“……今天的公告內(nèi)容可以簡(jiǎn)單地總結(jié)為：此次事件之后，從去年8月開始的董事會(huì)的一系列變動(dòng)到此終于畫上了句號(hào)。”讓我們期待雅虎為穩(wěn)定董事會(huì)做出的努力能夠減少雅虎所有決策中的隱患，特別是考慮到目前雅虎的決策并不夠徹底。雅虎在上周日發(fā)布的公告之外不愿發(fā)表任何評(píng)論。

????CEO不一定要成為改革者，與對(duì)沖基金合作也不應(yīng)該變成相互謾罵。雅虎，我們相信你能夠平息爭(zhēng)執(zhí)，做出正確的選擇，也不要再驚嚇自己的員工了。我們討論的是公司的復(fù)興，而不是一場(chǎng)窩里斗。

????譯者：阿龍/汪皓

????Companies spar with activist investors all the time without as much spite. Take AOL (AOL). Yahoo and AOL are different, no doubt, but both have lost steam since their 1990s halcyon days and are trying to glean value from their many promising assets. In 2011, AOL took on activist hedge fund Starboard Value, which now owns 5.3% of AOL's outstanding shares. The company and the hedge fund have publicly gone back and forth over the company's leadership strategy, yet AOL has somehow managed to handle the discussion quietly, and has even thrived from it: AOL's share price has increased by 70% to about $26 per-share since the beginning of the year.

????AOL certainly still has its problems. The pressure is on for CEO Tim Armstrong to pull off a tricky turnaround strategy that involves changing the company into a high-quality content generator. But flaws aside, AOL's relationship with Starboard has looked like a stern discussion compared to Yahoo's firefight.

????Unfortunately for shareholders, Yahoo must go on the CEO search yet again. In a memo to Yahoo employees, interim CEO Levinsohn said of Thompson leaving the company, "....today's announcements really boil down to this: following these changes, a transformation and renewal at the Board level that began in August of last year is now complete." Let's hope that stabilizing the board will take some of the sting out of every decision Yahoo makes, especially given that the decisions themselves aren't that radical. Yahoo declined to comment beyond the statement it issued Sunday.

????A CEO doesn't necessarily need to be a crusader, and working with a hedge fund doesn't have to degenerate into name-calling. You might do well, Yahoo, to settle down, make some choices, and stop scaring the crap out of your employees. This is a corporate turnaround, not a cage match.