Yahoo 2011 Annual Report Download - page 5

Part I
Item 1. Business
OVERVIEW
Yahoo! Inc., together with its consolidated subsidiaries (“Yahoo!,” the “Company,” “we,” or “us”), is a premier
digital media company. Through our proprietary technology and insights, Yahoo! delivers personalized digital
content and experiences, across devices and around the globe, to vast audiences. We provide engaging and
innovative canvases for advertisers to connect with their target audiences using our unique blend of
Science + Art + Scale. We provide online properties and services (“Yahoo! Properties”) to users as well as a
range of marketing services designed to reach and connect with those users on Yahoo! and through a distribution
network of third-party entities (“Affiliates”). These Affiliates integrate our advertising offerings into their
Websites or other offerings (those Websites and other offerings, “Affiliate sites”).
We generate revenue from the display of graphical advertisements (“display advertising”), the display of text-
based links to advertisers’ Websites (“search advertising”), and other sources.
Our offerings to users on Yahoo! Properties currently fall into three categories: Communications and
Communities; Search and Marketplaces; and Media. The majority of our offerings are available in more than 45
languages and in 60 countries, regions, and territories. We have properties tailored to users in specific
international markets including the Yahoo! Homepage and social networking Websites including Meme and
Wretch.
Yahoo! was developed and first made available in 1994 by our founders, David Filo and Jerry Yang, while they
were graduate students at Stanford University. We were incorporated in 1995 and are a Delaware corporation.
We are headquartered in Sunnyvale, California, and have offices in more than 30 countries, regions, and
territories.
Changes in Our Board of Directors and Executive Leadership
During 2011, there were a number of changes to the composition of our Board of Directors (the “Board”) and our
executive leadership team. Effective April 1, 2011, Eric Hippeau resigned from our Board and David Kenny was
appointed to our Board. On September 6, 2011, Carol Bartz was removed from her role as our Chief Executive
Officer and President, and our Board appointed Tim Morse, our Executive Vice President and Chief Financial
Officer, as our Interim Chief Executive Officer and President. Ms. Bartz resigned from our Board on
September 9, 2011.
On January 4, 2012, we announced the appointment of Scott Thompson as our Chief Executive Officer,
President, and member of our Board, effective January 9, 2012. At that time Tim Morse resumed his primary role
as Executive Vice President and Chief Financial Officer. On January 17, 2012, Jerry Yang resigned from our
Board and all other positions at Yahoo!. On February 7, 2012, Alfred J. Amoroso and Maynard G. Webb, Jr.
were appointed to our Board. We also announced on February 7, 2012 that Chairman of the Board Roy J.
Bostock and directors Vyomesh Joshi, Arthur H. Kern and Gary L. Wilson have each volunteered not to stand for
re-election to the Board at the Company’s 2012 Annual Meeting of Shareholders.
Strategic Review
During 2011, our Board of Directors initiated a comprehensive strategic review to assess alternatives to return
the Company to increased growth and innovation. As part of this review, we have pursued a wide range of
discussions with potential partners. We are in discussions regarding the possibility of restructuring our holdings
in Alibaba Group and Yahoo Japan. While we continue to pursue these discussions, there is no assurance that any
transaction will be achieved.
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