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Yahoo CEO Marissa Mayer to unveil 'new strategy' as Starboard piles on the pressure Yahoo CEO Marissa Mayer to unveil 'new strategy' as Starboard piles on the pressure
(about 4 hours later)
Yahoo chief executive Marissa Mayer is set to unveil details of the company's turnaround plan after coming under pressure from activist hedge fund Starboard Value. Marissa Mayer is set to unveil details of the Yahoo's turnaround plan after coming under pressure from activist hedge fund Starboard Value.
Mayer, Silicon Valley's spender-in-chief after purchasing more than two dozen start-ups since joining the company two years ago, will defend her acqui-hires and outline Yahoo's cost-cutting efforts, The Wall Street Journal reported. Mayer will defend her acqui-hires after approving more than two dozen acquisitions since joining the company in 2012 and outline Yahoo's cost-cutting efforts, The Wall Street Journal reported.
In an acqui-hire, Yahoo buys a failed start-up in order to hire the team behind it. While promising to do less of them, Yahoo still plans to acquire one or more large start-ups using the cash from the Alibaba IPO, the Journal  said, citing a person familiar with knowledge of the plan. In an acqui-hire, Yahoo buys a failed start-up in order to hire the team behind it. While promising to do less of them, Yahoo still plans to acquire one or more large start-ups using the cash from the Alibaba IPO, the Journal  said, citing a source with knowledge of the plan.
Mayer's strategy has come under intense scrutiny in recent weeks after Starboard Value called on the 38-year old to scale back acquisitions and cut Yahoo's "bloated" structure. Mayer's strategy has come under intense scrutiny in recent weeks after Starboard Value called on the 38-year old to halt acquisitions and cut Yahoo's "bloated" structure.
Starboard, led by activist investor Jeff Smith, also argued Yahoo should explore a possible merger with AOL and monetise its Asian assets- Alibaba and Yahoo Japan- in a tax efficient way.Starboard, led by activist investor Jeff Smith, also argued Yahoo should explore a possible merger with AOL and monetise its Asian assets- Alibaba and Yahoo Japan- in a tax efficient way.
Yahoo's share price has risen under Mayer, but the rise partly comes down to the increase in value of its Alibaba stake in the run-up to last month's monster IPO.Yahoo's share price has risen under Mayer, but the rise partly comes down to the increase in value of its Alibaba stake in the run-up to last month's monster IPO.
But, with the Chinese e-commerce giant trading as a public company, Yahoo risks losing its edge as investors no longer need to buy shares of the struggling internet portal to get a piece of Alibaba.But, with the Chinese e-commerce giant trading as a public company, Yahoo risks losing its edge as investors no longer need to buy shares of the struggling internet portal to get a piece of Alibaba.
Earlier this month, Yahoo announced it would lay off 400 employees at its Bangalore, India, office and close its Jordan office altogether as it scales back its overseas operations in an effort to slash costs.Earlier this month, Yahoo announced it would lay off 400 employees at its Bangalore, India, office and close its Jordan office altogether as it scales back its overseas operations in an effort to slash costs.
Yahoo is set to report third quarter earnings tomorrow.Yahoo is set to report third quarter earnings tomorrow.