"The Board also believes that exploring additional strategic alternatives, in parallel to the execution of the management plan, is in the best interest of our shareholders," Yahoo's chairman Maynard Webb said in early-February. "Separating our Alibaba stake from our operating business continues to be a primary focus, and our most direct path to value maximization."
Activist hedgefund Starboard released an open letter to Yahoo's board of directors expressing frustration in the company's turnaround.
"If the Board is unwilling to accept the need for significant change, then an election contest may very well be needed so that shareholders can replace a majority of the Board with directors who will represent their best interests and approach the situation with an open mind and a fresh perspective," Starboard's Jeffery Smith wrote.
Yahoo CEO Marissa Mayer said the company's turnaround efforts "will enable us to accelerate Yahoo's transformation. This is a strong plan calling for bold shifts in products and in resources."