Yahoo announced that board members, including CEO Marissa Mayer and co-founder David Filo, would step down from the board of directors once the company’s core Internet assets are sold to Verizon. What remains of the company after the sale is completed would be renamed Altaba (combining “alternate” and “Alibaba”). “Altaba’s remaining assets include Yahoo’s stake in Alibaba Group Holding Ltd. and Yahoo Japan,” reports The Wall Street Journal. Board member Eric Brandt, former CFO of Broadcom, will become Altaba’s chairman. Mayer “is expected to remain with Yahoo once it becomes part of Verizon.” The deal will cost Verizon about $4.8 billion, unless terms are changed due to two recent high-profile hacks of user data.  Continue reading New Name for Yahoo After Verizon Sale, CEO to Leave Board

As Yahoo’s global online ad revenue is forecast to drop by 14 percent this year, and scrutiny of the embattled Internet company’s leadership continues, Starboard Value has initiated a shareholder revolt. Yesterday, in a letter to investors, the activist hedge fund introduced nine candidates to run for the Yahoo board (including Starboard chief exec Jeffrey Smith). Starboard, which holds a 1.7 percent stake in Yahoo, has called into question the leadership of Yahoo CEO Marissa Mayer and is looking to oust the company’s current board. Starboard hopes that such pressure will encourage the sale of Yahoo’s core businesses. Continue reading Starboard Suggests Replacements for Yahoo Board Members

Yahoo’s chief executive Marissa Mayer is on a path to revive Yahoo by spinning off core assets, possibly ending the company’s existence as an independent entity. One thing is certain: the company is going to get smaller. On Tuesday, Yahoo said it would lay off 15 percent of its 11,000-person staff, ultimately making the workforce 42 percent smaller than it was in 2012, when Mayer took over the reins as chief executive. Although she counsels shareholders to be patient, activist investors may try to elect a new board. Continue reading Yahoo CEO Spinning Off Core Assets to Save Ailing Company

Since the 2012 hiring of former Google executive Marissa Mayer to improve Yahoo’s fortunes, the company has failed to turn around and is now facing difficult choices. Among many plans devised, the latest occurred last month when executives favored spinning off the company’s main Internet business. That strategy may be abandoned as Yahoo considers a sale of its business, while an activist — and anonymous — investor mounts a proxy fight. Employee morale is said to be low in light of 1,100 layoffs since August 2014. Continue reading Time is Up for Yahoo’s Turnaround, Sale Now On the Table