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In Mayer's year at Yahoo, she's launched a flurry of big acquisitions, including the May purchase of Tumblr for $1.1 billion.
Josey told "Squawk Box" that investors may learn more from Yahoo about how it plans to monetize the popular blogging service, which will operate as an independent entity. "They're really not going to be integrating [Tumblr] into Yahoo's core services too much. They don't want to ruin the 'special sauce.'"
Besides acquisitions, Mayer has presided over a 70 percent increase in Yahoo's stock price.
But analysts say much of that gain has come from stock buybacks and from Yahoo's Asian assets, including a 24 percent stake in Chinese e-commerce giant Alibaba Group, which is said to be considering an IPO.
The valuation ranges of Alibaba go anywhere from $50 billion to $100 billion with most people settling in on $70 billion, analysts say.
—By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC. CNBC's Kirsten Chang, @kaecee1, and Reuters also contributed to this report.