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Yahoo Memo From Levinsohn 05-13-12

Yahoo Memo From Levinsohn 05-13-12

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Published by DigitalMediaWire
Memo to all Yahoo employees from interim CEO Ross Levinsohn
Memo to all Yahoo employees from interim CEO Ross Levinsohn

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Categories:Types, Business/Law
Published by: DigitalMediaWire on May 14, 2012
Copyright:Attribution Non-commercial

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05/14/2012

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Yahoos –We have just announced very significant news regarding theleadership of our Company. The Board of Directors has appointedFred Amoroso Chairman of the Board and has asked me to take on therole of interim Chief Executive Officer, to replace Scott Thompson,who has left the Company. In addition, the Board also announced thatit has reached a settlement with our major shareholder Third PointLLC, enabling us to avoid a proxy contest.As a part of the Board’s agreement with Third Point, Daniel S. Loeb,Harry J. Wilson and Michael J. Wolf are joining the Yahoo! Board. Inconnection with their addition, the members of our Board who werenot planning to stand for re-election have decided to step downimmediately to accelerate the leadership transition for the new Boardin advance of the annual meeting. We’ve attached the press releaseoutlining all of these changes for your review.Importantly, today’s announcements lay to rest the unfortunate andserious distractions surrounding our senior leadership and thecomposition of our Board going forward. I know that Fred and the newYahoo! Board are looking forward to working constructively tostabilize the leadership team and to further accelerate the progress wehave made in reinvigorating Yahoo!, executing against the Company’sstrategic initiatives and enhancing stockholder value.For my part, I want you to know that I am honored to lead this greatcompany as interim Chief Executive Officer, and I accept thatresponsibility with enthusiasm and confidence for three reasonsabove all others: As I have said since I joined Yahoo in 2010, I believein the tremendous strength and value of our brand, and in ourrelationship with our users and partners; I believe in the substantialorganizational, operational and strategic progress we have made inrecent months in spite of the internal and external challenges we havefaced; and most of all, I believe with all my heart in all of you andyour dedication to continuing to make this company great. What weachieve in this company is substantial on each and every day, on ascale rarely matched across the globe. I’m incredibly proud to be apart of this team.This may seem like a great deal of news to digest, but as you are allkeenly aware, Yahoo! is a dynamic, global company in a dynamic,

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