If sleep is the best way to cure a company's woes, Yahoo CEO Marissa Mayer is apparently doing a good job.
She missed a meeting with major media buyers and advertisers at the Cannes advertising festival last Tuesday, saying she had fallen asleep, knowledgeable sources told
The Wall Street Journal.
The huge advertising/marketing firm Interpublic Group had arranged a private dinner at a fancy restaurant for Mayer to meet with executives from consumer product titans Mondelez International, MillerCoors and Chobani.
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The idea was to give Mayer the opportunity to pitch the companies about advertising on Yahoo. But she was almost two hours late, and several dinner attendees didn't wait for her to show up, the sources said.
"If it were an investor meeting, a board meeting or a potential acquisition, I am sure she or someone from her team would have woken her up," one top executive at the dinner told The Journal.
"It is another instance where she demonstrated that she doesn’t understand the value of clients, ad revenue or agencies."
Yahoo has benefited from its 24 percent holding in Chinese Internet titan Alibaba Group. But Mayer's company is struggling to boost its revenue, which dropped 6 percent last year.
"Yahoo may be able to turn around its core business, but the divide between possible and probable is wide," writes
Morningstar analyst Rick Summer on his firm's website.
"Marissa Mayer has been at the helm for more than a year, but declaring a successful turnaround is premature, in our view."
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