Yahoo’s board has supported Marissa Mayer for more than three years. And for good reason. Mayer has the Yahoo board by the balls.
She’s helped select most of the eight members. And while Jeff Smith’s Starboard Value wants a board seat, Mayer refuses. He’s going to have to wage a proxy fight. Something he’s willing to do if Yahoo moves ahead with the Alibaba spinoff.
Everyone saw Mayer as a savior when she joined the company, now they’re calling for her head. Glassdoor shows that Mayer’s approval rating fell to 80% in 2014 and is now down to 73%.
If Yahoo gets bought and Mayer is let go she’ll rake in $160 million thanks to a change-of-control severance. Double what the stock market is valuing all of Yahoo’s core business today. Even if there isn’t a sale and she’s fired, she’ll still collect more than $25 million on her way out.
The board is heavily invested in Yahoo, even if it’s for the wrong reasons.
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Hot, rich, & a failure. If I was he husband, I’d be proud.
Touché.