Yahoo executives are not only fighting to regain a larger piece of the search engine pie, but are also battling from within.
According to the San Jose Mercury News, company executives just hired three new directors on Sunday to its board. But this is not sitting well with some investors who would like to see a different vision for a turnaround. Investor Daniel Loeb owns 6 percent of Yahoo shares through his investment company Third Point. He plans to introduce his selection of directors, including himself, to lead the company at the next annual meeting.
Yahoo did meet with Loeb's group before Sunday's announcement to find some sort of compromise. It offered to hire a member from his selection of directors. But Yahoo refused to appoint Loeb to its' board, leading to the confrontation.
The infighting couldn't come at a worse time, as Yahoo is planning major restructuring which could mean thousands of layoffs. But company chief executive officer Scott Thompson has ideas which could turn the fortunes for Yahoo. He's looking at tapping into mobile services and capitalizing on the vast data on customers and internet activity.
Yahoo has seen its foothold slide during the past few years. Company executives did not accept Microsoft's takeover offer back in 2008 which would have raised its' stock prices up to $31. Instead it's barely holding on to the $15 mark.