Marissa Mayer is hoping to keep her job as Yahoo CEO for at least another year, as the troubled company battles for growth and readies for a possible sale. The ex-Googler has a transformation plan and wants to stay to watch the company revive.
During an interview on PBS's The Charlie Rose Show, Re/Code reported Yahoo CEO Marissa Mayer as saying she expects to run the company for at least another year, and she would like to see Yahoo grow following the plan she has for the internet portal.
"I would love to be running Yahoo," Mayer told Rose in the interview. "We have a three-year strategic plan." Marissa is waging a battle on two fronts; while she is trying to transform Yahoo on one hand, on the other she is trying to retain her job at the company as long as she can. Apart from the talks of the sale that might lead to a change in the business leadership, the Starboard Value LP investors at Yahoo Board are not in favour of keeping Mayer to lead the company.
Earlier in the week, Yahoo appointed Catherine Friedman, ex-managing director of Morgan Stanley, and Eric Brandt, former chief finance officer at Broadcom Corp, on the board.
In February, Yahoo agreed to talk about a possible acquisition, and also shared the transformation plan while announcing the company's performance for 2015. The company is said to be in conversation with potential suitors, including Verizon Communications, TPG, KKR &Co, IAC/Interactive and Time.
However, Mayer believes that Yahoo will return to "modest and accelerating" growth in 2017-18, under her transformation plan. As part of the new strategy, the company will simplify its product portfolio to three platforms — Search, Mail, and Tumblr — besides focusing on specific verticals of news, sports, finance and lifestyle only.
"We can see the turnaround," Mayer said in the interview. Tech company turnarounds can take "five, six, seven years," she added.
This also led to massive layoffs. Recently, Yahoo announced the closure of Yahoo Food, Yahoo Health, Yahoo Parenting, Yahoo Makers, Yahoo Travel, Yahoo Autos and Yahoo Real Estate to focus on its core business. It also ended business in Dubai, Mexico City, Buenos Aires, Madrid and Milan. "By the end of 2016, the company anticipates having approximately 9,000 employees and fewer than 1,000 contractors. This represents a workforce that is roughly 42% smaller than it was in 2012," Mayer said while announcing the financial results of the company. The job cuts were estimated at 1,700, or about 15% of its total workforce.
Marissa Mayer joined Yahoo in the role of CEO in 2012.