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Key events involving Yahoo and its performance

Monday - 5/20/2013, 1:50pm  ET

FILE - In this April 18, 2011 file photo, the Yahoo logo is displayed outside of the offices in Santa Clara, Calif. (AP Photo/Paul Sakuma, File)

The Associated Press

Yahoo has reached a deal to buy online blogging forum Tumblr for $1.1 billion, the latest acquisition under CEO Marissa Mayer. Yahoo is paying mostly cash for Tumblr and expects to complete the deal by the end of the year. Here are key events involving Yahoo Inc. and its performance in recent years:

Nov. 17, 2008: Yahoo Inc. says co-founder Jerry Yang will step down as CEO as soon as a replacement is found. It ends a rocky reign marked by Yang's refusal to sell the Internet company to Microsoft Corp. for $47.5 billion, or $33 per share, in May 2008. Yahoo's board had been facing pressure to push him out as its stock plunged to its lowest levels since early 2003 and well below Microsoft's last offer price.

Jan. 13, 2009: Yahoo names technology veteran Carol Bartz as its new chief executive, bringing in a no-nonsense leader known for developing a clear focus.

June 11: Yahoo hires a cost-cutting specialist, Tim Morse, as its new chief financial officer.

July 29: Microsoft and Yahoo announce a 10-year search deal. After the deal is completed months later, Yahoo turns over responsibility for search technology to Microsoft, while Yahoo concentrates on sales of billboard-style advertising on the Web.

Oct. 7, 2010: Yahoo rolls out new tools to get people to the information they seek more quickly, especially when searching about entertainment, sports and major events. The hope is to distinguish itself from its Internet search partner, Microsoft, because Yahoo gets a cut of ad revenue when searches are done on its own site.

Sept. 6, 2011: Yahoo fires Bartz after less than three years on the job. Morse is named interim CEO.

Jan. 4, 2012: Yahoo names Scott Thompson, president of eBay Inc.'s PayPal division, as Yahoo's new CEO, its fourth in less than five years.

Jan. 17: Co-founder Yang leaves the company as he steps down from the board of directors. He had been on Yahoo's board since its 1995 inception.

Feb. 7: Chairman Roy Bostock and three other longtime board members say they won't seek re-election to give Thompson an enhanced team of independent directors. Many Yahoo shareholders had been clamoring for Bostock to step down since the company balked at Microsoft's 2008 takeover offer.

April 4: Yahoo announces plans to lay off 2,000 employees, or about 14 percent of its workforce. The cuts are part of an overhaul aimed at focusing on what Thompson believes are Yahoo's strengths while also trying to address its weaknesses in the increasingly important mobile computing market.

April 6: Thompson unveils a plan to reorganize the company into three main divisions focused on users, advertisers and technology. Yahoo believes the new structure will improve users' experience with Yahoo, work closely with advertisers in different regions of the globe and strengthen the company's technology group.

April 17: Yahoo reports first-quarter earnings, the first results under Thompson. Revenue grew less than 1 percent, but it's a breakthrough because the company's revenue has been steadily falling for years.

May 3: Hedge fund manager Daniel Loeb, who controls a 5.8 percent stake in the company through his Third Point fund, questions Thompson's qualifications and integrity after exposing a misrepresentation about the executive's education. Yahoo blames an "inadvertent error."

May 13: Thompson is out at Yahoo. Ross Levinsohn, who oversees Yahoo's media and advertising services worldwide, is named interim CEO.

June 18: Yahoo says Michael Barrett, a former colleague of its interim CEO, will run Yahoo's advertising sales team as chief revenue officer.

July 16: Yahoo names longtime Google executive Marissa Mayer as its fifth CEO in as many years.

July 17: On Mayer's first day on the job, Yahoo reports lackluster quarterly results, underscoring the challenges she will face.

July 30: Yahoo announces Levinsohn is leaving the company.

Sept. 18: Yahoo completes a long-awaited, $7.6 billion deal for Chinese e-commerce company Alibaba Group to buy back half of Yahoo's 40 percent stake. Most of the proceeds will go to its shareholders, but Yahoo still has an extra $1.3 billion to finance acquisitions or hire new talent.

Sept. 25: Software industry veteran Ken Goldman is named chief financial officer, replacing Morse, as Mayer moves swiftly to build her senior management team.

Oct. 22: In the first quarter under Mayer, Yahoo reports third-quarter results that topped analyst estimates. Yahoo's net revenue barely grew at a time when advertisers are spending more money marketing their products and services online. Nevertheless, the numbers were slightly better than analysts projected.

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