First, work on employee and investor morale.

"Both groups need to have confidence in her and her leadership," said Dan Olds, an analyst with The Gabriel Consulting Group. Added Rob Enderle, an analyst with the Enderle Group, "People need to believe Yahoo can be saved."

Part of improving morale, both inside and outside of the company, will mean laying out her vision for Yahoo and how it can climb back to the top again.

"Mayer needs to first establish an inspiring yet believable vision that clearly articulates what business Yahoo is in and why they will win," Moorhead said. "Then she needs to do a roll call to see who on her executive staff is in and who needs to be shown the door."

Mayer was 's 20th hire and the company's first female engineer. In her 13 years at Google, which comprised most of her career, she rose to become a top executive who lead the company's critical Location and Local Services group.