BoomTown really does hope that in some secret airport hangar right now Microsoft CEO Steve Ballmer and Yahoo CEO Jerry Yang are meeting, in order to hammer out a fair search deal that will benefit them both. I’d even insist that Yahoo’s noisiest board member, activist shareholder Carl Icahn, be there too, to make sure all sides were copacetic and there would be no last-minute switcheroos and backstabbings. Because, long ago in galaxy far, far away, what is now going on between Microsoft and Yahoo would have seemed inane.

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Earlier this week, in a piece about Yahoo layoffs, BoomTown reiterated the notion that Yahoo would pick its next CEO to replace its current leader Jerry Yang from its own board or some dark horse CEO, rather than one of the Web’s more high-profile players.

The Wall Street Journal raised such a name in a piece today–former Vodafone Group CEO Arun Sarin.

It’s an intriguing idea, to be sure, since Sarin meets the list of six key criteria the board has created, including having public company CEO experience.

But there are other dark horses who fit that bill.

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While there are layoffs all over now, as evidenced by the dismal jobs reports last week, the long-planned Yahoo layoffs will definitely be taking place Wednesday. The layoff number was announced by its (eventually outgoing) CEO Jerry Yang on its last earnings call on Oct. 21. BoomTown wrote about the exact timing of the sad date a few weeks ago. Many Yahoos have emailed me to ask the particulars last week, since most at the company don’t know what’s up. Here’s what I found out.

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With Yahoo board Chairman Roy Bostock reportedly assuring investors and others that the company will have a CEO in place by the end of the year, it seems prudent for BoomTown to initiate an official Yahoo CEO Countdown.

After all, this column had a 100-Day No-Sacred-Cows Vision Quest to mark the time that Jerry Yang said he needed to give Yahoo a top-to-bottom look-see when he took over last summer as CEO.

So here’s today’s update: No Peter Chernin and a lot of thorny issues for other candidates.

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When everyone else has been selling, it seems Carl Icahn has decided to throw good money after bad–as in nearly $1 billion bad–by buying almost seven million more Yahoo shares, according to a regulatory filing.

Why is he doing it? BoomTown is guessing that the billionaire investor thinks he can recoup some of his massive losses in Yahoo, as Jerry Yang prepares to step down and the board, on which Icahn sits, names a new leader.

That’s why my guess is that the choice of a new CEO is likely to be sooner than later, much more Icahn-friendly and strong on operational skills.

BoomTown’s new guesses: Yahoo board member John Chapple or perhaps an ops star like HP’s Todd Bradley.

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Yesterday, after the news got out that Yahoo CEO Jerry Yang was stepping down from his job and that a search was on for a new CEO, BoomTown got inundated with reaction from everyone from readers of this blog to Internet players to Yahoo employees.

In fact, my single favorite quote came from one Yahoo staffer: “You can kick this dog, but it still barks.”

Grrrrr…this and some Yahoo myths explored within.

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Obviously, the dream CEO for Yahoo is News Corp. President and COO Peter Chernin.

And, no surprise, he is the No. 1 choice of most inside and outside Yahoo in the wake of the news late yesterday that its current CEO and Co-Founder Jerry Yang is stepping down.

Well, Yahoo would certainly be a challenge for Chernin, in terms of a corporate cleanup challenge, especially compared to figuring out how to make bank on plush toys from “The Simpsons.”

But there are many other contenders for the job, despite the slog it could be. Here’s BoomTown’s list…

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As BoomTown reported earlier today in an exclusive scoop, Yahoo has confirmed that CEO Jerry Yang will be stepping down and a search for his replacement is underway.

Heidrick & Struggles will conduct the search for a new CEO, who is likely to come from outside the company.

Here is the entire Yahoo press release about the development…

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BoomTown has obtained the entire memo from Jerry Yang to his employees at Yahoo about his plans to step down as Yahoo CEO.

Yang, a truly nice man–which has been a plus and a minus for him–and an Internet visionary for sure, penned a classy note to the Yahoo troops. And BoomTown, feeling sentimental, will not even make fun of the lack of capitalization this time.

Here’s the memo…

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Yahoo CEO Jerry Yang will step down from his job as CEO, said sources close to the company, as soon as the board finds a replacement for him, in what sources close to the situation call a joint decision by him and the directors.

Yahoo will announce the move later today. [UPDATED: Yahoo has since confirmed the move.]

Yahoo has hired Heidrick & Struggles, the well-known executive search firm, to vet candidates, both internally and externally, to take over the top spot at the troubled Internet giant.

Sources said it is unlikely current Yahoo President Sue Decker will get the job, which is more likely to go to an outsider.

Some BoomTown choices: News Corp. COO Peter Chernin, former eBay CEO Meg Whitman or former Yahoo COO Dan Rosensweig.

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What does Carl Icahn, the billionaire activist shareholder who waged war on Yahoo and now sits on its board, really think?

“…I really think current boards and managements are killing the country,” he said in an interview published Friday in The Wall Street Journal’s Opinion Journal. “I’ll tell you why, ’cause I’ve lived it. I’m on a lot of boards, I see how ineffectual they are.”

While he was talking about the state of American management in general and not Yahoo in particular, BoomTown thinks Yahoo CEO Jerry Yang might want to listen up!

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With a $10 stock price, the turning down of Microsoft’s $31 a share offer, a collapsed search ad deal with Google, fleeing execs and bad news aplenty, it’s easy to blame Yahoo CEO Jerry Yang and call for his ouster.

After all, the buck does stop with him.

Or does it? Because, to my mind, if there is anyone to cast stones at in the ongoing crisis at Yahoo, BoomTown would have to toss a large boulder in the direction of the company’s incredibly shrinking board.

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One of our favorite D: All Things Digital speakers, and now a regular attendee, has been Hollywood director, producer, writer and big-cowboy-hat-about-town, Barry Sonnenfeld (pictured here at D6).

So, BoomTown extends belated but Texas-sized congratulations to Sonnenfeld for winning an Emmy earlier this week for directing the pilot of “Pushing Daisies” on ABC.

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Unless there is an 11th-hour change of heart from Time Warner, former AOL head Jon Miller will still not be Carl Icahn’s choice for the two other seats he will select–which requires Yahoo’s consent–to the board of the Internet company, set to be announced by Friday.

Instead, several sources with knowledge of the situation think Icahn is likely to choose Edward Meyer (pictured here) and Frank Biondi, both of whom were on his alternative board slate when the activist investor was waging his now-defunct proxy fight against Yahoo.

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Yesterday–in a patented playbook move–some top Microsoft execs didn’t miss a chance to slap around Yahoo over its shareholder vote debacle, letting it be known to industry insiders (on the very loud QT, of course) that the Internet company knew full well that its biggest investor, Capital Research & Management, was going to vote a large number of shares against it.

In essence, Microsofties are arguing that knowledge of a major investor’s dissatisfaction should have prompted Yahoo to question its unusually positive voting results at its annual meeting on Friday and ask the outside voting tabulator to recheck its numbers before officially releasing them.

While BoomTown is careful to consider the sources here–the collapse of Microsoft’s bid for Yahoo has left quite a bit of acrimony between the pair–they actually might have a point.

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