Yahoo’s Reconditioned Board will Reconvene Next WeekBy: Shawn Hess - July 3, 2012
Yahoo and their board of directors have been through a lot lately. Most recently they have lost their CEO, Scott Thompson after a brutal proxy battle with activist shareholder Dan Loeb.
They have also lost Pati Hart, co-founder Jerry Yang, and longtime chairman, Roy Bostock.
Next week, the Yahoo board of director will reconvene, but with a fresh configuration and several new faces. Fred Amoroso is now chairman of the board. Shareholder Dan Loeb also has a seat, as does Michael Wolf of MTV fame, and Harry Wilson, well known turnaround specialist.
You might also recall, Ross Levinsohn has been acting as interim CEO. And while Levinsohn has been actively pursuing strategies and solutions to steady Yahoo and drag it back from the brink of extinction, one of the central themes of next week’s board meeting will be to decide what to do with him. Should Yahoo cement Levinsohn in his current position as CEO, or pursue new leadership?
Aside from the decision they must make about a CEO, they must also decide what to do with Facebook and their patent dispute. Despite the resignation of Thompson, apparently negotiations are ongoing.
Also of interest, the board will be discussing what to do with assets from the selloff of its stake in Alibaba. Certainly Loeb, whose main goal is to unlock the shareholder value in Yahoo, will want a piece of that action.
And finally, the board must decide if they intend to sell their ad tech business to Google. Months ago, Google made their first offer to buy the properties, but talks are still inconclusive.
So, next week’s meeting should be interesting for the newly configured board, and a good indicator of how things are going to function over at Yahoo from now on. We’ll keep you up to date on Yahoo’s plans going forward.