Yahoo CEO Reassures Shareholders That Progress Made Toward Saleby
Yahoo! Inc. Chief Executive Officer Marissa Mayer reassured investors that the process to potentially sell the web portal’s operations is progressing and she’s pleased with the interest her company has received.
Mayer told investors Thursday at the company’s annual shareholders meeting that she understands the strategic review is “top of mind” for them -- and it’s also a top priority for the board. At what could be the company’s final such event as a standalone public entity, Mayer also emphasized that the web portal is moving toward better financial health.
“We are continuing to make great progress on our process,” she said. “I have been heartened by the level of interest in Yahoo.”
Yahoo is undergoing a sale process after Mayer failed in her effort that began almost four years ago to turn around the company’s finances. In a bidding round earlier this month, the web portal attracted interest from suitors including Verizon Communications Inc., AT&T Inc. and Quicken Loans Inc. founder Dan Gilbert, with each vying for Yahoo’s core internet business, as well as some of its intellectual property and real estate assets, according to people familiar with the matter.
The company’s shareholder meeting, held in Santa Clara, California, may have been more eventful had it not been for an agreement reached in April to avoid a proxy war with activist Starboard Value LP. The deal put Jeff Smith, CEO of the investor, on the board, among others.