Yahoo Nominates Three New Board Members, Including Yahoo Founder David Filo

SUNNYVALE, Calif.--(BUSINESS WIRE)--

Yahoo! Inc. YHOO today announced the nomination of three new members to the company's board of directors. Shareholders will vote on the nominees at the company's Annual Meeting on June 25, 2014. The nominees are:

• David Filo, co-founder, Yahoo! Inc. and Chief Yahoo
• Charles R. Schwab, Chairman and a director of The Charles Schwab Corporation
• H. Lee Scott, Jr., former President and Chief Executive Officer, Walmart

"The addition of David Filo, Charles Schwab and Lee Scott adds significant depth and breadth of experience to the Yahoo board,” said Marissa Mayer, CEO of Yahoo.

"As a co-founder and long time Chief Yahoo, Filo is the heart and soul of the company and in re-joining the board, he adds 19 years of deep and personal knowledge of Yahoo's business and culture to the conversation,” Mayer said. “Chuck brings a wealth of experience to the board, having built a well-respected brand and having grown a successful business from the ground up. Lee is a world-class business leader who understands the importance of operational excellence and international scale, and he will lend a unique perspective to the group. I am confident that with today's nominations, we bring the right mix of voices and experience to the Yahoo board, positioning the company to deliver even more value to our users, our advertisers and our shareholders moving forward.”

"We are thrilled to be able to nominate three experienced and passionate leaders to our Board of Directors," said Maynard Webb, chairman of the board at Yahoo. "As experienced directors, founders, and CEOs of Fortune 500 companies, David Filo, H. Lee Scott, Jr. and Charles Schwab each bring immense expertise and fresh perspectives that I'm confident will benefit the company and its owners. We are also very grateful for the service and contributions made by John Hayes and Peter Liguori, and thank them for their wisdom and guidance."

“I am incredibly proud to return to the Yahoo board,” said Mr. Filo. “Jerry and I founded Yahoo as a product focused company that creates compelling experiences through technology, and I'm excited that today we are solidly back on that path. I am very familiar with Yahoo's history and with the technology underlying everything we do today and more importantly, everything we want to do tomorrow. I look forward to working alongside the other directors as we continue our mission to build the best possible consumer experiences for our users.”

“I'm excited to be nominated to join the board of such a vital company,” Mr. Schwab said. “Yahoo sits at the heart of the world's digital revolution and nothing is more interesting and with greater potential than engaging with a team of people devoted to improving our daily lives.”

“I am both honored and excited to be nominated for the Yahoo board," said Mr. Scott. "Yahoo is in the midst of one of the most extraordinary transformations the Internet industry has seen, and I am impressed by the company's renewed commitment to building beautiful consumer products for millions of people worldwide. I'm excited to bring the unique learnings and experiences from my career to the Yahoo Board, and to help propel the company on a path of steady growth.”

Board Nominees

David Filo, a founder of Yahoo and Chief Yahoo, has served as an officer of Yahoo since March 1995, and served as a director of Yahoo from its founding through February 1996. Mr. Filo is involved in guiding Yahoo's vision, is involved in many key aspects of the business at a strategic and operational level, and is a stalwart of the Company's employee culture and morale. Mr. Filo co-developed Yahoo in 1994 while working towards his Ph.D. in electrical engineering at Stanford University, and co-founded Yahoo in 1995. Mr. Filo was selected as a director nominee due to his extensive technical and industry expertise and his unique perspective on the Company's strategic and technical needs.

Charles R. Schwab has been Chairman and a director of The Charles Schwab Corporation since its incorporation in 1986. He served as the Chief Executive Officer of The Charles Schwab Corporation from 1986 to 1997 and from 2004 until 2008, and as its Co-Chief Executive Officer from 1998 to 2003. Mr. Schwab was a founder of Charles Schwab & Co., Inc. in 1971, has been its Chairman since 1978, and served as its Chief Executive Officer from 2004 until 2008. Mr. Schwab is Chairman of Charles Schwab Bank and Chairman and trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Laudus Trust and Laudus Institutional Trust, all registered investment companies. Mr. Schwab was selected as a director nominee due to his extensive public company board experience and his financial markets experience.

H. Lee Scott, Jr. served as President and Chief Executive Officer of Walmart from January 2000 to January 2009 and as an executive officer and Chairman of the Executive Committee of Walmart's board until January 2011. Prior to serving as President and Chief Executive Officer of Walmart, he held various other positions with Walmart, including Vice Chairman and Chief Operating Officer, as well as Executive Vice President and President and Chief Executive Officer of Walmart U.S. Mr. Scott served as a director of The Goldman Sachs Group, Inc. from May 2010 to May 2011. Mr. Scott was selected as a director nominee due to his extensive senior leadership experience at a public company and his board of directors experience at public and private companies.

About Yahoo

Yahoo is focused on making the world's daily habits inspiring and entertaining. By creating highly personalized experiences for our users, we keep people connected to what matters most to them, across devices and around the world. In turn, we create value for advertisers by connecting them with the audiences that build their businesses. Yahoo is headquartered in Sunnyvale, California, and has offices located throughout the Americas, Asia Pacific (APAC) and the Europe, Middle East and Africa (EMEA) regions. For more information, visit the pressroom (pressroom.yahoo.net) or the Company's blog (yahoo.tumblr.com).