News: SpringOwl Asset Management wants Marissa Mayer fired and for the company’s workforce to be cut by 75%.
Several investors of Yahoo are not in favor of giving chief executive Marissa Mayer more time on her turnaround plan.
Citing a document, the Wall Street Journal reported that Canyon Capital Advisors sent a letter to the Yahoo board asking it to identify a buyer for its core Internet business or the entire company.
Another Yahoo investor, SpringOwl Asset Management, is proposing a new plan to cut the company’s workforce by 75% and oust the chief executive.
Mayer recently said she would unveil a detailed reorganisation plan on the fourth-quarter earnings call next month.
SpringOwl managing director Eric Jackson estimates Yahoo could earn around $6bn if it divests its core business at present.
Jackson also wants the company to sell its California headquarters, cut employee perks such as free food.
Last month, Yahoo investor Starboard Value urged the company to halt its plan to sell off its stake in Alibaba.
Yahoo abandoned plans to spin off its remaining stake in Alibaba in favour of transferring its core internet business to a new company.