Yahoo’s new CEO undergoing review that may change plans for windfall from Alibaba deal
SAN FRANCISCO – Yahoo says its new CEO, Marissa Mayer, may revise the Internet company’s plan to pay shareholders billions of dollars from an anticipated windfall later this year.
The potential change disclosed Thursday caused Yahoo’s stock to drop nearly 4 per cent in extended trading.
Mayer is mulling a shift in direction as part of a sweeping review of the company. Yahoo Inc. lured Mayer away from rival Google Inc. three weeks ago to become its fifth CEO in the past five years.
As part of her evaluation, Mayer is scrutinizing Yahoo’s agreement to sell half its stake in Chinese Internet company Alibaba Group Ltd. for $7.1 billion.
Yahoo had promised to reward shareholders with most of the Alibaba proceeds. Now, Yahoo says Mayer may have something different in mind.
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