Yahoo board member behind CEO Mayer's appointment steps down on sour note

The Yahoo board member and shareholder who pushed for appointing Marissa Mayer as the CEO reportedly clashed with her over the company's strategy before stepping down from his post.

According to the New York Post, Dan Loeb stepped down from the company's board after transferring the bulk of his shares and had disagreement over cost cutting as Mayer wanted only minor trims while Loeb wanted mass layoffs.

One source said that when Mayer was hired Loeb's plan was to fire between 20 percent and 30 percent of the company's roughly 12,000 workers which Mayer initially supported.

The report said that Loeb hashed out a deal to sell two-thirds of his Yahoo stake, or 40 million shares, at 29.11 dollars apiece, back to the company.

Yahoo and Loeb's spokesperson did not comment on the matter.

Despite the fact that while parting Mayer and Loeb had praises for each other, investors are worried about Yahoo's prospects as Mayer has been on an acquisition spree with 20-odd ventures, the biggest being the 'one billion dollar' Tumblr deal.

Sources said that without Loeb, Mayer is in full control of the company and she does whatever she wants as she knows they're not going to get rid of her, the report added.