Yahoo plans to host a private, internal Webcast for top executives after the close of trading Tuesday, according to a source familiar with the meeting, who added that insiders expect major news.
That news could include significant layoffs or perhaps even the departure of Yahoo Chief Terry Semel, who has come under increased criticism for the company's disappointing performance, according to the source.
Yahoo has taken a beating in recent months, particularly following the public release of an internal company memo titled the "Peanut Butter Manifesto." In the memo, senior executive Brad Garlinghouse called for massive layoffs and a rethinking of the company's business strategy. Several executives have also left the company in recent months. Those include former CBS executive David Katz, who was heading up Yahoo's Sports and Studios division. The company's stock price has dropped 30 percent since the beginning of 2006. It was trading late Tuesday at $27.35.
The source said that the announcement could also be a major acquisition, given the attention the Webcast has received inside the company. Stay tuned.