Needs to go. He screwed the investors, he screwed the company and due to his ineptitude, Icahn was able to gorilla a seat for himself and several stooges on the board.
Any resembleance of the Yahoo! you all knew and came to love is about to vanish. It will turn into another farce, like the remainder of AOL, Compuserve, The Source and other such former giants.
Unless Yahoo has something really revolutionary hidden up its sleeve, that would blow everybody away and possibly make google miss a single step, I don't see them ever actually recovering from Jerry's fuck up, without completely whoring themselves to google. And while Yahoo has a few die hard fans, who still believe it is the greatest thing in internet history, fact is, there's not much Google needs from Yahoo. And I'm going to go out on a limb and say that IF google wanted to, and applied themselves, it might take maybe a month or two and any memory of "Yahoo!" would be gone.