Days after ousting former CEO Carol Bartz, Yahoo!s (NASDAQ:YHOO) board of directors is reportedly meeting on Wednesday to consider its next steps amid intensifying pressure from disgruntled shareholders.
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According to the tech blog All Things D, the struggling Internet company will outline the criteria for a new CEO, review its strategic options with banker Allen & Co and consider how to stabilize its business.
The meeting will be held at Yahoos Sunnyvale, Calif., headquarters and is expected to last all day, Reuters reported.
Citing a failure to sufficiently turn around its business, Yahoo! fired Bartz last week over the phone. Now the pressure may shift to the board as All Things D reported several private-equity investors are considering major investments in an effort to oust directors.
Daniel Loeb, who runs private-equity firm Third Point and owns 5.1% of Yahoo!, is weighing unveiling his own slate of directors or buying more shares in an effort to ratchet up the pressure, All Things D reported.
Investors, including Loeb, are also reportedly targeting Yahoo! Chairman Roy Bostok.
Shares of Yahoo! rallied 1.4% to $14.45 at Wednesday's open, trimming their 2011 loss of more than 14%.