Yahoo CEO Marissa Mayer is meeting investors to save her job while laying off over 400 people (YHOO)

Yahoo CEO Marissa Mayer is reportedly on a trip to meet investors and sell her future plan that would keep her on board — all the while cutting jobs as part of a downsizing effort.

According to the New York Post, Mayer recently visited New York City to meet with big Yahoo shareholders, including Millennium Partners and Mason Capital.

Mayer has apparently taken a more “defensive stance” to the idea of selling Yahoo’s core product, while pitching her grand plan to turn around Yahoo with her earlier mobile-focused initiatives. Convincing large shareholders of her original turnaround plan would let Mayer keep her job without having to deal with a proxy fight.

At the same time, some sources told the Post that she’s planning to lead the buyout process on her own, with the help of private-equity firms, reflecting a clear rift between Mayer and the rest of the board, which recently formed an independent committee to start the sales process.

The meetings come as Yahoo moves forward with efforts to trim its payroll. The latest report by the California Employment Development Department on Thursday shows that Yahoo has laid off a total of 429 employees across four offices in California in February. The actual number of people let go companywide is likely higher, as the filing covers only the jobs based in California.

It’s all part of the big layoffs Yahoo announced earlier this month, which it said would represent 15% of its workforce, or roughly 1,600 jobs. The company said it would shut down some of its content verticals last week, while pulling the plug on its research center, Yahoo Labs.

The Post added that Mayer didn’t meet with Starboard Value, the activist investor that recently sent a letter demanding a management change and the sale of Yahoo’s core business. Starboard said it would run a proxy fight if Yahoo fails to listen. It could start nominating new board directors starting Friday.

Yahoo declined to comment.

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