Yahoo! to Investors: Back Our Board

Speaking during the company's recent first-quarter conference call, CEO Scott Thompson also said that Yahoo! is cutting 50 properties in an effort to be nimbler and improve profitability.

As part of its organizational overhaul, Yahoo! began operating in three groups -- Consumer, Regions and Technology -- on May 1.

"Each of these three groups will have clear accountability for getting results by delivering the best customer experiences," explained Yahoo!'s board, in the letter released on Wednesday. "This more efficient structure will enable faster decision-making and more effective delivery of innovative products and services that measurably impact the bottom line."

Yahoo! shares crept up 10 cents, or 0.61%, to $15.73 in midday action.

--Written by James Rogers in New York.

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