Yahoo CFO Says Sale Process for Company Is ‘Well Along the Way’by
Ken Goldman speaks at conference amid strategic review
Declines to gives specifics on what ‘inning’ the effort is in
Yahoo! Inc.’s strategic review to sell its core business is “well along the way,” Chief Financial Officer Ken Goldman said, without giving any specifics.
“It’s going, I think, very, very well,” Goldman said during a presentation hosted by JPMorgan Chase & Co. in Boston on Tuesday. “We are continuing to work tirelessly to get to the right place.”
Yahoo -- under the leadership of Chief Executive Officer Marissa Mayer -- started a review of the company’s options in February after pressure from investors and a failed turnaround. Bidders have included TPG, Verizon Communications Inc., YP Holdings LLC, and a consortium led by Bain Capital LP and Vista Equity Partners LLC, people familiar with the matter have said. Berkshire Hathaway Inc. Chairman Warren Buffett is also backing a group bidding for Yahoo’s Internet assets, people familiar with the matter have said.
While Goldman said the process is robust, he declined to give details on what "inning" the effort is in during the presentation.
"We are taking it extremely seriously," Goldman said, noting the process is accounting for the majority of executives’ time. “It’s our collective goal that we find a way that -- wherever this ends up -- that ultimately Yahoo will do better with the benefit of however it goes than staying independent.”
Goldman said Yahoo is making progress in efforts to streamline the company as well. Yahoo now has about 9,000 employees down from 10,400 at the end of last year.