The search engine giant is failing on all levels; the CEO might have to step down.
In a recent post by the New York Post, it has come to the attention that the chief executive officer of the struggling company, Marissa Mayer has been looking for influential investors to whom she can sell her backup plan to for Yahoo! Inc. It does not come as a surprise that the CEO is looking for various ways to get the company out of the current disturbing situation it is in now.
As per the New York Post’s report, Marissa Mayer will be paying a visit to a number of ‘heavily backed’ financial firms and pitch her plans for the search engine company to them and see how it works out for her. She will be paying a visit to two of the hedge funds that hold big stakes in the search engine organization which include Millennium Partners and Mason Capital.
There has been quite a dispute between the board of the company and the CEO ever since she was given the position; she has always wanted to do things her way at Yahoo! Inc. and has kept the company in a transitional phase for a while not. It seems to many people, at this point that all she is going is buying herself sometime before the board points their fingers at her.
Both parties have taken help from outside – the CEO as well as the board. The Board has taken on board Goldman Sachs, JP Morgan and Evercore Partners for consultation as potential buyers of the company’s web business. On the other hand, the CEO had been asking for help from a Silicon Valley tech dealmaker, Frank Quattrone. Furthermore, the board has been consulting an independent committee to work on more strategic alternatives.
Mayer was appointed at the CEO of the giant back in 2012 – in a time span of three years, any company would have managed to establish a strategy for its business. In that time period, she has made numerous efforts to turnaround the company and brings better days to it. The pressure has been increasing on the CEO as investors believe that in these past few years, she could have easily managed to restructure the company.
Rumors have been circling around that Ms. Mayer might have to step down from her position as CEO of Yahoo soon enough – by March mostly likely – in case the situation does not get better by that time. On the other hand, the management of the company is making an effort to improve the mobile platform on the search engine organization.
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