Yahoo CEO under the microscope for turnaround plan
Yahoo! Inc. CEO Carol Bartz spoke at the company’s annual shareholder meeting on Thursday and spoke to investors who have been losing patience with the website’s turnaround plan. Yahoo has definitely lots its glamour and glitz throughout the years because of the likes of Google and Bing so it’s no wonder there’s even a turnaround plan in place – let alone that stakeholders are overly eager to see the repair and reinvention process.
Bloomberg has reported that Yahoo Chairman Roy Bostock publicly voiced his support for Bartz; stockholders also approved both re-elections for Bartz and Bostock to the board with about 80 percent of the votes. Apparently, other directors got at least 90 percent of the votes according to results posted by Yahoo.
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Investors have expressed frustration with the brand and its growth prospects, along with the way it’s handled Asian assets that make up for half of the company’s value. Yahoo’s Asian assets include stakes in Yahoo Japan Corp. and China’s Alibaba Group Holding Ltd. and give the company a value of about $25 a share. Bartz is about halfway through her contract with Yahoo and has administered in the slashing of costs with job cuts and its partnership with Microsoft Corp.
“The hard-won progress that we have made is why this board is very supportive of Carol and the management team,” Bostock said in his opening remarks to shareholders. “I want to make it very clear about that support. We are confident that Yahoo is headed in the right direction.”
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