Jackson, who is the founder and president of Ironfire Capital, wrote, "I believe Whitman deserves every nickel of compensation and stock sale proceeds she got between her joining the company in 1998 and Jan. 1, 2005.  Since then, however, eBay has been in a tailspin with the stock down 59% vs. a Nasdaq decline of 3% over the same period."

During that same timespan, Whitman’s total annual compensation headed in the opposite direction, increasing by about 379 percent and reaching $13.9 million.  Also, eBay shareholders had to pay about $1.8 million for Whitman’s personal aircraft costs in 2006 and 2007.

eBay shareholders can’t exactly breathe a sigh of relief now that Whitman’s gone, either.  Jackson wrote, "Donahoe racked up almost $280,000 worth of personal aircraft expenses in his first nine months on the job in 2008," and later added, "Donahoe made $13.1 million last year for his nine months as CEO, while eBay’s stock dropped 55%, far wider than Nasdaq’s 30% loss in that same period."

Meanwhile, eBay’s stock is down a tiny bit this morning, and a fresh report indicates that a number of Microsoft executives have actually taken pay cuts based on their company’s performance.

The potential bloodbath anticipated when Yahoo’s annual meeting takes place, setting up a hostile proxy fight for control of the company, may end up being nothing more than a thumb-wrestling match. If Carl Icahn really spoiled for a brawl, he might not get it.

Some investors want to mix and match Yahoo’s current board with some of Icahn’s nominees. The Wall Street Journal said one unnamed major shareholder could back fewer nominees to Yahoo’s board.

Another activist investor, Eric Jackson, suggested a slate of 5 Yahoo directors and 4 new ones as a compromise to a full proxy fight.

Jackson said he’s been looking for change at Yahoo’s board since January 2007.

By pushing four new directors onto the board, Jackson reasons this will avoid triggering a change of control provision, where Yahoo employees could walk away from the company with a generous compensation package.

Given the choice, Jackson would toss out current chairman Roy Bostock, whom he blames for failing to come to terms with Microsoft. “He supposedly has much more experience in such deal-making matters than Yang, and I find it puzzling that he would choose not to attend that fateful May 3 meeting in Seattle, which led to Microsoft finally pulling the plug on its offer,” Jackson said of Bostock.

Yahoo gained a little respite, as the Journal noted the suit brought by a pair of Detroit pension funds won’t receive an accelerated trial. The Detroit complaint won’t be heard before Yahoo’s annual meeting happens on August 1.