SpringOwl Activist Presentation Deck
Step One: Bring In An Operator As CEO
▪ The status quo is not an option for Yahoo shareholders
▪ $10 Billion in capital has been misallocated over the past 4 years
The board likely feels compelled to keep the current CEO because of the high compensation plan they previously
granted to her but new leadership is needed
▪ The quickest way to increase the value of Yahoo's shares is to do what should have been done 4 years ago and
dramatically reduce the headcount and costs of the company to something sustainable matching current revenues
W
and EBITDA
▪ Such a move would help create the returns which Private Equity firms are counting on when they bid for the
company
Why shouldn't Yahoo shareholders hire the operator CEO who Private Equity will hire themselves when they buy the
core business on the cheap?
Source: Spring Owl Asset Management LLC
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