Speculation has been flying around that Yahoo might sell its core business, but it doesn’t look as if CEO Marissa Mayer will let that happen.
It’s no secret that Yahoo (YHOO) is struggling and Mayer hasn’t been able to turn it around since taking the helm 2012. But that hasn’t stopped her from trying. She’s expected to announce a turnaround plan this week, which indicates she’s not going anywhere anytime soon, according to the New York Post. Some are even anticipating the company’s core earnings to be better than projected when they’re reported on Tuesday.
Shareholders are reportedly considering a proxy battle to replace Mayer. “Marissa is less focused on a sale than we expected,” one shareholder told the Post. Many have been hoping for a sale, as well as for Mayer’s leave, but “boards don’t make decisions unless they’re unanimous,” and she holds a seat on the board. It would also be difficult for the company to fire her considering her $160 million severance package.
A source told the Post that “Yahoo’s been approached by numerous interested parties who’ve laid out their visions and been given the silent treatment,” including Vector Capital founder Alex Slusky and TPG Capital, one of the world’s largest private equity investment firms. Yahoo’s financial chief Ken Goldman has reportedly been holding informal meetings with interested buyers, though some say it could just indicate “a CFO who wants another job and has already moved on.”