"These efforts tend to focus on blame and not on problem resolution," added Enderle. "I continue to hope folks will be smarter than this and I continue to be disappointed."
Patrick Moorhead, an analyst with Moor Insights & Strategy, said Mayer should be given more time to work with Yahoo, but he's not sure she'll get it.
"I'm expecting something big as the board needs to show action," he said. "It could be Mayer's removal, some sort of divestiture, or a strategic repositioning. It's not that Mayer has messed anything up or made obvious poor choices. It's just that people were expecting more results quicker. A major turnaround takes five years, and Mayer should be given that much time as long as she is hitting her interim goals."
One issue is what would be left of Yahoo if it sells off its core business. Would the Yahoo that everyone has known for the past 20 years still exist?
The board also is expected to take on a potential spinoff of the company's stake in Alibaba, a Chinese e-commerce company. The move, which has its critics, could save Yahoo from a large tax bill.
"Can Yahoo be turned around? Yes of course. With the right CEO and vision and a hell of a lot of luck," Kagan said. "Unfortunately, we don't know which path is right and we've seen Yahoo waste years trying different paths. There is a limit. The only question we have to ask is has Yahoo reached that limit?"
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