CNBC Exclusive: CNBC Transcript: Yahoo’s Marissa Mayer and Maynard Webb Speak with CNBC’s David Faber on “Squawk on the Street” Today

WHEN: Today, Wednesday, December 9th

WHERE: CNBC's "Squawk on the Street"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Yahoo CEO Marissa Mayer and Yahoo Chairman Maynard Webb and CNBC's David Faber on "Squawk on the Street" (M-F, 9AM-11AM ET) today. Following is a link to the full interview on CNBC.com:http://video.cnbc.com/gallery/?video=3000464428.

All references must be sourced to CNBC.

DAVID FABER: WELCOME BACK. YAHOO! OF COURSE ANNOUNCING THIS MORNING IT WOULD SCRAP PLANS TO SPIN OFF ITS ALIBABA STAKE AND INSTEAD IS GOING TO WILL FOCUS ON A SO-CALLED REVERSE SPIN IN WHICH THE COMPANY WOULD SPIN OFF ITS CORE BUSINESS ALONG WITH A STAKE IN YAHOO! JAPAN. JOINING US IN A CNBC EXCLUSIVE INTERVIEW IS YAHOO CEO MARISSA MAYER AND YAHOO CHAIRMAN MAYNARD WEBB. THANK YOU FOR BEING WITH US FROM SUNNYVILLE, CA. MS. MAYER, I'LL START WITH YOU. IT WAS ONLY A NUMBER OF WEEKS AGO WHEN THE BOARD WAS STILL SPEAKING OR I SHOULD SAY THE COMPANY WAS STILL SPEAKING RELATIVELY POSITIVELY ABOUT ITS PLAN TO SPIN OFF THE ALIBABA STAKE. I'VE HAD A NUMBER OF SHAREHOLDERS THIS MORNING SAY WELL IF THEY'RE WILLING TO LURCH SORT OF IN A DIRECTION AND CHANGE THAT QUICKLY AND HAVE BEEN SO CONFIDENT AND THEN SHOW A LACK OF CONFIDENCE, WHY SHOULD WE TRUST YOU AND WHY SHOULD WE TRUST THIS BOARD AND YOUR JUDGMENT?

MARISSA MAYER: WE STILL DO FEEL THAT THE FORWARD SPIN WE ORIGINALLY PROPOSED IS VERY LIKELY TO BE TAX EFFICIENT. BUT THAT SAID WE DID OVERALL SEE INDICATIONS CERTAINLY IN THE MARKET AROUND UNCERTAINTY AS TO THE TAX TREATMENT AND THE DURATION OF TIME IT MIGHT TAKE IN ORDER TO GET TO RESOLUTION. GIVEN THAT WE FEEL IT'S PRUDENT AT THIS TIME TO LOOK AT ALTERNATIVES LIKE THE REVERSE SPIN BUT THIS IS REALLY A BOARD LEVEL QUESTION, SO I CAN ALSO HAND THAT TO MAYNARD.

FABER: I WILL ASK IT, IF YOU DON'T MIND MR WEBB. TO THE EXTENT THAT IT IS A BOARD LEVEL QUESTION WHAT TOOK YOU SO LONG THEN IN COMING TO THAT CONCLUSION? WHY HAVE SPENT NINE MONTHS AND HAD YOUR INVESTOR BASE SO FOCUSED ON THIS POTENTIAL SPIN ONLY TO THEN SAY, WAIT A SECOND, NOW WE SUDDENLY REALIZE THESE THINGS MIGHT TRADE AT A DISCOUNT WHAT CHANGED?

MAYNARD WEBB: FIRST OF ALL, THE INVESTOR PERCEPTION AND THE OVERHANG BECAME MUCH CLEARER AS WE WENT CLOSER TO ACTUALLY AFFECTING THE SPIN. ALSO WE HAVE BEEN DISCUSSING THIS FOR MONTHS WITH A LOT OF ATTENTION TO DETAIL AND A LOT OF HELP FROM ADVISERS. WE ARE CERTAINLY CONVINCED THAT IF WE WENT FORWARD IT WOULD BE VERY, VERY LEGAL AND WOULD RETURN GREAT SHAREHOLDER VALUE. IT JUST WOULD TAKE TOO LONG FOR US TO GET THROUGH ALL THE CLARITY WE NEED AND WE FELT VERY CERTAIN THAT THE UNREST WITH THE OVERHANG FOR THE STOCK FOR THAT LENGTH OF TIME WOULD DESTROY TOO MUCH SHAREHOLDER VALUE.

FABER: ALL RIGHT. WELL, MS. MAYER, THEN TO THE EXTENT THAT THE REVERSE SPIN IS GOING TO TAKE QUITE SOME TIME. YOU SAY IN THE PRESS RELEASE I THINK POTENTIALLY AT LEAST A YEAR. WHY IS THAT NOT SOMETHING THAT CONCEIVABLY WILL ALSO BE DESTRUCTIVE OF VALUE TO MR. WEBB'S POINT?

MAYER: THERE'S A NUMBER OF DIFFERENT WAYS THAT WE COULD EFFECTUATE THE REVERSE SPIN. FOR EXAMPLE, WE COULD DO IT AS A TAXABLE TRANSACTION. OR POTENTIALLY AS A TAX EFFICIENT TRANSACTION. WE'RE LOOKING AT BOTH OPTIONS NOW, AND WE'LL BE BACK WITH DETAILS AND PLANS FOR OUR SHAREHOLDERS SOON.

FABER: IT'S INTERESTING YOU BRING THAT UP. THAT'S A KEY CONSIDERATION NOT TO GET TOO IN THE WEEDS, BUT IF YOU PROCEED WITH IT BEING TAXABLE, THEN OTHER COMPANIES COULD CONTACT YOU. THEY WOULD NOT IN ANY WAY INTERFERE WITH IT. WHEREAS IF YOU PROCEED AS IT BEING NON-TAXABLE OR HOPE TO, IT SEEMS TO PRECLUDE YOUR ABILITY TO TALK TO POTENTIAL BUYERS FOR THE BUSINESS. IS THAT GOING TO BE PART OF HOW YOU THINK ABOUT GOING ABOUT TO DO THIS? WHETHER OR NOT YOU MAY ENGAGE IN DISCUSSIONS WITH THOSE WHO MIGH WANT TO BUY YAHOO!

MAYER: THAT'S A BOARD LEVEL CONSIDERATION, SO I'LL HAND THAT TO MAYNARD.

WEBB: THE BOARD HAS MADE NO DETERMINATION THAT THE COMPANY IS FOR SALE, OR ANY PART OF IT IS FOR SALE. SO WE ARE -- WE BELIEVE THAT WE ARE SIGNIFICANTLY UNDERVALUED. AND WE BELIEVE THAT THE BEST WAY TO UNLOCK THAT VALUE IS BY CONTINUING TO FOCUS ON THE TURNAROUND OF OUR OPERATING BUSINESS AND BETTER EXECUTION THERE. AND IN ADDITION TO SEPARATING OUT THE ALIBABA ASSETS FROM THE OPERATING BUSINESSES.

FABER: MR. WEBB, WHEN YOU SAY YOU MADE NO DETERMINATION FROM THE BOARD TO SELL ANY PART OF THE COMPANY AND IT REMAINS UNDERVALUED, WHAT DOES THAT MEAN? DOES THAT MEAN IF AT&T COMES AND SAYS HEY WE WOULD LIKE TO BUY YAHOO!'S CORE BUSINESS OR VERIZON SAYS WE'D LIKE TO POTENTIALLY AT LEAST EXPLORE TALK DOES THAT MEAN THAT YOU ARE NOT GOING TO ENGAGE?

WEBB: THE BOARD HAS FIDUCIARY OBLIGATION TO ENGAGE WITH ANY LEGITIMATE PERSON THAT COMES FORWARD WITH A GOOD OFFER. THE BOARD WILL ALWAYS DO ITS FIDUCIARY OBLIGATIONS WHEN SOMETHING LIKE THAT OCCURS. WE ARE NOT PROACTIVELY TRYIN TO DO ANY OF THAT. WE REMAIN VERY FOCUSED ON OUR OPERATING BUSINESS BEING TURNED AROUND AND SEPARATING OUT THE ALIBABA ASSETS.

FABER: WHY DO YOU BELIEVE THE STOCK IS UNDERVALUED?

WEBB: WELL, I THINK IT'S PRETTY CLEAR IT IS WHEN YOU START THINKING ABOUT THE ALIBABA STAKE BEING WORTH -- WITHOUT TAXES NORTH OF 30 BILLION. WE HAVE A LOT OF CASH. WE HAVE A YAHOO! JAPAN STAKE THAT'S WORTH, WITHOUT TAXES, IN THE NEIGHBORHOOD OF 7 TO 8 BILLION, THE CORE BUSINESS IS A $4 BILLION REVENUE GENERATING OPPORTUNITY GENERATING LOTS OF EBITA. SO IT DOESN'T TAKE A GENIUS TO THINK THAT YOU ARE NOT UNDERVALUED WHEN YOU ADD ALL OF THAT UP.

FABER: RIGHT AND OF COURSE THERE'S BEEN A FOCUS, MS. MAYER, ON THE CORE BUSINESS. MANY INVESTORS TELL ME THEY'RE FRUSTRATED IN TERMS OF AT LEAST SEEING SIGNIFICANT TURNS IN THAT BUSINESS. WHAT GIVES YOU THE CONFIDENCE THAT YOU ARE ON THE RIGHT ROAD AND THAT YOU MADE THE RIGHT DECISIONS, PERHAPS THE BOLDEST DECISIONS YOU COULD HAVE MADE IN TAKING WHAT WAS A STALE FRANCHISE, TO SAY THE LEAST, AND REINVIGORATING IT OVER THE LAST 3 1/2 YEARS.

MAYER: I WOULD SAY I THINK OUR STRATEGY OF FOCUSING ON SEARCH COMMUNICATIONS AND DIGITAL CONTENT IS THE RIGHT ONE FOR YAHOO! GIVEN OUR CORE COMPETENCIES AND STRENGTHS. WHEN YOU LOOK AT OUR MAVENS MOBILE, VIDEO, NATIVE AND SOCIAL, THOSE ARE THE GROWING AREAS OF DIGITAL ADVERTISING. SO WE ARE PROUD OF OUR DECISION TO FOCUS ON THAT WE'RE PROUD OF WHAT WE ACCOMPLISHED THERE, TOO. TODAY I LEAD A VERY DIFFERENT COMPANY THAN THE COMPANY I JOINED IN JULY OF 2012. AT THAT TIME OUR MAVENS BUSINESSES WERE NOT A MEANINGFUL PART OF THE STRATEGY. THEY WERE NOT A MEANINGFUL PART OF REVENUE. TODAY THEY GENERATE $1.5 BILLION OF G.A.P. REVENUE IN 2015. MOBILE VOLUMES HAVE TRIPLED WE ARE NOW PROBABLY THE THIRD LARGEST PLAYER IN MOBILE ADVERTISING GLOBALLY. WE HAVE MADE GREAT STRIDES IN DEFINING THE SPACE OF NATIVE ADVERTISING WITH OUR YAHOO! GEMINI PLATFORM, WITH OUR ACQUISITION OF BRIGHTROLL IN VIDEO, AND THE ENGAGEMENT ON OUR SOCIAL PLATFORM TUMBLR IS SOMETHING WE'RE VERY VERY PROUD OF. SO WE'RE REALLY EXCITED ABOUT THE PROGRESS WE'VE MADE IN THOSE AREAS. WE INTEND TO KEEP FOCUSING ON THOSE AREAS. AND WE ALSO TALKED ABOUT THE FACT -- I MENTIONED THIS IN THE OCTOBER CALL -- WE'LL BE BACK WITH SHAREHOLDERS AROUND A NEW AND IMPROVED TIGHTENED PLAN ON THAT FOCUS AND OUR NEXT EARNINGS CALL IN JANUARY.

FABER: MS.MAYER, I WONDER WHETHER UNDERTAKING THIS REVERSE SPIN AS YOU VERY WELL MAY AND THE TIME IT WILL TAKE WHETHER YOU ARE GOING TO LOSE TALENTED PEOPLE OR HOW YOU ARE GOING TO ACTUALLY ATTRACT OTHER TALENTED PEOPLE TO COME TO A COMPANY THAT SOME SAY IS IN THE MIDST OF SIGNIFICANT TRANSITION WITH A GREAT DEAL OF UNCERTAINTY AROUND IT.

MAYER: I THINK THAT OVERALL THE SEPARATION OF THE ALIBABA STAKE IS ACTUALLY INCREDIBLY IMPORTANT IN TERMS OF ATTRACTING TALENT. ONE OF THE THINGS THAT'S HAPPENING RIGHT NOW IS BECAUSE SO MUCH OF OUR VALUE IS DRIVEN BY ALIBABA, IT'S HARD TO CORRELATE SOME OF OUR BUSINESS RESULTS AND BUSINESS SUCCESSES TO OUR VALUATION. THAT'S SOMETHING THAT DOES MATTER TO KEY TALENT. SO, WE ACTUALLY THINK THAT WE'LL BE ABLE TO GET MORE CLARITY INTO THE VALUE OF OUR OPERATING BUSINESS AS WELL AS ATTRACT BETTER TALENT BECAUSE THEIR EFFORTS WILL BE BETTER CORRELATED TO OUR SHARE PRICE.

JIM CRAMER: MS. MAYER, JIM CRAMER. IN THE TRAJECTORY AND NARRATIVE OF YAHOO THERE WERE MANY PEOPLE, INCLUDING MYSELF, VERY EXCITED ABOUT THE IDEA OF DOING THE HUGE WIN THAT YOU COULD – BECAUSE YOU WERE SO SMART TO KEEP SO MUCH OF ALIBABA. AND THERE WAS SO MUCH CERTAINTY TO THE TAX SITUATION. WHY DID YOU GIVE SUCH CREDENCE TO YOUR ADVISERS, THAT THEY KNEW WHAT THE IRS WOULD DO WHEN THERE ARE MANY PEOPLE WHO RECOGNIZE THERE'S NO WAY YOU CAN GAME THE IRS.

MAYER: WELL, I WILL SAY WE'RE REALLY PROUD OF OUR RECORD ON CAPITAL ALLOCATION. WE HAVE DONE, YOU KNOW, NEARLY I THINK, 9 BILLION TO $10 BILLION OF SHARE BUYBACKS WITH SOME OF OUR PROCEEDS FROM ALIBABA SALES. AS YOU MENTIONED, WE ACTUALLY HELD BACK SOME OF OUR ALIBABA STAKE FROM THE IPO, WHICH HAS ALLOWED US TO FIND EVEN MORE VALUE THERE. AND ON THE SPIN, WE HAVE AN AMAZING ADVISER TEAM WHO HAS DONE A TERRIFIC JOB ALONG THE WAY. AND WE STILL FEEL REALLY CONFIDENT THAT THAT TRANSACTION WOULD BE TAX EFFICIENT. BUT IT'S REALLY A QUESTION AROUND TIMING OF RESOLUTION, WHICH COULD TAKE MULTIPLE YEARS AS WELL AS THE UNCERTAINTY WE WERE FEELING FROM SOME OF THE MARKET INDICATIONS. AND SO WE FEEL THAT THE REVERSE SPIN, WHILE IT STILL COULD TAKE A YEAR OR MORE, GIVES A SOONER TIME FRAME AND GREATER CERTAINTY IN TERMS OF LIKELY TAX TREATMENTS.

CRAMER: I'M ALSO A BIT CONFUSED. I THINK THAT THERE ARE MANY PEOPLE WHO FEEL THAT THEIR STOCKS ARE UNDERVALUED. WHEN I AM ON YOUR CONFERENCE CALL AND YOU TALK ABOUT THE MAVENS, TALK ABOUT THE THINGS YOU'VE DONE, YOU WERE GIVEN NEGATIVE CREDIT, AS IF YOU WERE A VALUE DESTROYER. BUT THOSE OF US WHO USE THE PRODUCTS WE ARE ALWAYS CONTINUALLY SURPRISED. AT YAHOO FINANCE, YAHOO SPORTS, YAHOO ENTERTAINMENT, YAHOO SEARCH. I MEAN, CAN THE MARKET BE THAT OBTUSE?

MAYER: WELL, I THINK RIGHT NOW THE NARRATIVE AROUND YAHOO AND OUR VALUATION IS COMPLICATED BECAUSE EACH PERSON WHO BUYS THE STOCK HAS TO HAVE A VIEWPOINT AS TO ALIBABA, YAHOO JAPAN, THE TAX RATES THERE, THE LIKELIHOOD OF TAXATION. IN ADDITION TO THE CASH AND THE CORE. AND THAT'S ONE OF THE THINGS THAT WE WOULD REALLY LIKE TO PROVIDE CLARITY AROUND THROUGH THE SEPARATION OF THE ALIBABA STAKE. THAT SAID, I'M IMMENSELY PROUD OF THE PRODUCTS THAT WE OFFER OUR USERS TODAY. THEY'RE SO MUCH BETTER THAN THEY WERE JUST A FEW YEARS AGO. AND AS YOU POINT OUT, WE HAVE A LOT OF PRODUCTS THAT ARE REALLY LEADERS IN THEIR CLASS AND SOMETHING THAT YOU KNOW, I THINK THAT OUR USERS REALLY HAVE COME TO RESPECT. I THINK WHEN YOU LOOK AT OUR MOBILE PRODUCT LINEUP AS WELL AS OUR DESKTOP PRODUCT LINEUP, THEY ARE MODERN, THEY PROVIDE FOR THE KEY USER NEEDS AND CASES, AND THEY DO IT IN AN INDUSTRY LEADING WAY WITH THE BEST DESIGN FOR USER EXPERIENCES. AND THAT'S SOMETHING THAT WE'RE REALLY PROUD OF AND WE WOULD LIKE TO SHINE MORE LIGHT ON. AND THAT'S WHAT SEPARATING THE ALIBABA STAKE IS REALLY ABOUT.

CARL QUINTANILLA: MARISSA, IT'S CARL. YOU MENTIONED THE NARRATIVE BEING COMPLICATED. I WOULD THINK EVERYBODY UNDERSTANDS THAT BECAUSE YOU'VE GOT TO HAVE OPINIONS ABOUT THESE BIG PICTURE ITEMS. YOU KEEP DEFERRING SOME OF DAVID'S QUESTIONS AS BOARD LEVEL DECISIONS. DO YOU YOURSELF AGREE WITH THE BOARD'S DECISION?

MAYER: ABSOLUTELY. IT WAS A UNANIMOUS DECISION AT THE BOARD LEVEL.

WEBB: ABSOLUTELY.

MAYER: YES. AN SO I ABSOLUTELY AGREE WITH THE BOARD AND WE REMAIN REALLY ALIGNED WITH BOTH THE BOARD AND MANAGEMENT HERE THAT THIS IS THE BEST PATH FORWARD FOR THE COMPANY.

QUINTANILLA: YOU TALK ABOUT SOME OF THE GREAT STRIDES THAT HAVE BEEN MADE. WE HAVE HAD A DISCUSSION ABOUT THE STOCK PRICE SINCE YOUR TENURE, OUTPACING THE S&P INFORMATION TECHNOLOGY SPACE. BUT A LOT OF THAT OBVIOUSLY TIED TO THE BABA VALUATION. HOW MUCH CREDIT DO YOU GIVE YOURSELF?

MAYER: I THINK THAT, AS I SAID, TODAY I LEAD A REALLY DIFFERENT COMPANY AND PART OF A REALLY DIFFERENT COMPANY THAN THE ONE I JOINED IN 2012. AND IT'S ONE THAT HAS A FUTURE. IN 2012 WHEN I JOINED YAHOO, ALL OF OUR REVENUE STREAMS WERE IN DECLINE. THEY WERE LARGE REVENUE STREAMS, BUT THEY WERE ALL LEGACY BUSINESSES THAT WERE DETERIORATING. AND THE FACT THAT TODAY WE HAVE FUTURISTIC MONITIZATION OPPORTUNITIES, AND REVENUE THAT IS GROWING AS MUCH AS 50% YEAR OVER YEAR IN TERMS OF MOBILE, VIDEO, NATIVE AND SOCIAL, THAT'S A MAJOR ACHIEVEMENT THAT THIS COMPANY HAS BUILT ITSELF A FUTURE THAT CAN REALLY TAKE US FORWARD.

FABER: ALTHOUGH, MS. MAYER, PEOPLE ARE CONCERNED THAT THAT GROWTH IS SLOWING. THAT THAT VERY AREA YOU FOCUSED ON, AND OBVIOUSLY IT HAS GROWTH, NONETHELESS IS SEEING SLOWING GROWTH. IS THAT A CONCERN FOR YOU?

MAYER: I THINK THAT OVERALL, YOU KNOW, AT SOME POINT, YOU DO HIT THE LAW OF LARGE NUMBERS. WE ARE PROBABLY THE THIRD LARGEST MOBILE ADVERTISING COMPANY NOW IN THE WORLD. AND SO IT'S HARD TO MAINTAIN THE DOUBLING OR TRIPLING OF THAT REVENUE EVERY YEAR, WHICH IS WHAT WE HAD SEEN EARLY ON. BUT I'M STILL QUITE HEARTENED AND PROUD OF THE 50% GROWTH YEAR OVER YEAR. AND I THINK IT SHOWS THAT WHEN YOU LOOK AT DIGITAL ADVERTISING, THESE ARE THE AREAS – MOBILE, VIDEO, NATIVE AND SOCIAL – THAT ARE GROWING IN CONTRAST TO SOME OF THE LEGACY DISPLAY BUSINESSES THAT WE'VE HAD IN THE PAST. AND SO I THINK THAT THEY ARE STILL GREAT GROWTH OPPORTUNITIES AND THE GREAT THING ABOUT THE INTERNET, TECHNOLOGY, ADVERTISING, IS THERE'S ALWAYS NEW FRONTIERS TO EXPLORE.

FABER: RIGHT. MR. WEBB, IF THE GOAL HERE IS TO OBVIOUSLY CREATE SHAREHOLDER VALUE, AND YOU DECIDED TO REVERSE COURSE BECAUSE YOU DIDN'T BELIEVE THE ALIBABA SPIN WOULD EFFECTIVELY DO THAT, WHY NOT SIMPLY PUT CORE YAHOO UP FOR SALE? OR AT THE VERY LEAST, SAY WE ARE GOING TO PURSUE A TAXABLE SPIN. MEANING THAT ANYBODY WHO WANTS TO COME IN CAN KNOW THEY CAN DO SO WITHOUT QUERYING ANY POTENTIAL TAX RAMIFICATIONS. WHY NOT DO THAT TO TRY TO CREATE VALUE AS OPPOSED TO TAKING A YEAR HERE TO DO SOMETHING, THE UNCERTAINTY OF WHICH IS STILL GOING TO BE FAIRLY SIGNIFICANT?

WEBB: WELL, WHILE WE SAY THAT THE REVERSE SPIN IS THE DESIRED COURSE OF ACTION, WE ARE LOOKING AT SEVERAL ALTERNATIVES SHORT OF SELLING THE BUSINESS OR ANY PART OF IT. AND WE ARE VERY FOCUSED ON SEEING – WE BELIEVE IN YAHOO, WE BELIEVE IN OUR OPERATING BUSINESS, AND WE BELIEVE THAT IT HAS FAR BETTER DAYS AHEAD AND WE KNOW THAT WE HAVE MORE TO DO TO GET THERE.

FABER: WELL, WHAT DOES THAT MEAN, SEVERAL ALTERNATIVES SHORT OF SELLING CORE YAHOO?

WEBB: WELL, THERE'S SEVERAL DIFFERENT THINGS, YOU MENTIONED ONE JUST THEN OF RETURNING SHARES TO SHAREHOLDERS. THAT WOULD GET DOUBLE TAXATION AND PROBABLY NOT BE WELL RECEIVED.

FABER: RIGHT.

WEBB: THERE COULD BE DISCUSSIONS NOW IN THIS CASE WITH ALIBABA. I'M NOT SURE WHETHER THEY WOULD LIKE TO HAVE THOSE OR NOT. BUT WE WOULD NOW BE ABLE TO HAVE DISCUSSIONS WITH OTHER PEOPLE ABOUT DIFFERENT ALTERNATIVES.

FABER: RIGHT. IN OTHER WORDS, ALIBABA CONCEIVABLY FIGURING OUT A WAY TO GET ITS OWN STAKE BACK. ALTHOUGH IT'S NOT CLEAR TO ME THEY ARE INTERESTED. I DON'T KNOW. YOU WOULD HAVE A BETTER SENSE. THAT'S WHAT YOU'RE TALKING ABOUT THERE?

WEBB: I WOULD NOT COMMENT ON WHAT ALIBABA IS INTENDING TO DO. I WAS JUST EXPLAINING THAT THERE ARE MANY DIFFERENT ALTERNATIVES TO BE CONSIDERED. AND WE'RE GOING TO LOOK AT ALL OF THOSE.

FABER: AND FAIR TO SAY THIS BOARD CONTINUES TO HAVE COMPLETE CONFIDENCE IN THE LADY SITTING NEXT TO YOU?

WEBB: ABSOLUTELY. I'VE HAD THE DISTINCT PLEASURE OF RUNNING WITH HER NOW FOR THREE YEARS, AND I'VE NEVER MET ANYBODY THAT WORKS HARDER, THAT'S SMARTER AND CARES MORE. AND SO WE WANT TO HELP HER RETURN THIS GREAT COMPANY TO IT'S ICONIC – TO AN ICONIC PLACE WHERE IT BELONGS.

FABER: AND WHAT GIVES YOU THE CONFIDENCE THAT WILL TAKE PLACE?

WEBB: WELL, I THINK WE HAVE HUNDREDS OF MILLIONS OF USERS THAT USE OUR – CONSUMERS THAT USE OUR PRODUCTS EVERY DAY. AND WE CONTINUE TO STRIVE TO MAKE THOSE PRODUCTS BETTER. AND WE NEED TO FIND A WAY TO CAPTURE THAT VALUE AND INCREASE IT. AND I'M CONVINCED WE CAN.

FABER: AND MS. MAYER, OF COURSE WE WOULD BE REMISS IF WE DIDN'T SAY YOUR FAMILY IS GOING TO INCREASE IN SIZE IN THE NOT TOO DISTANT FUTURE. WE CERTAINLY WANT TO WISH YOU THE BEST IN THAT. I DON'T IMAGINE YOU ARE GOING TO BE AWAY VERY LONG, GIVEN ALL THE CHALLENGES YOU HAVE AT THE COMPANY.

MAYER: WELL, THANK YOU VERY MUCH FOR THE WELL WISHES. IT WILL HAPPEN LATER THIS MONTH. AND, YES, THERE'S ALWAYS A LOT TO DO ON BOTH THE HOMEFRONT AND THE WORKFRONT.

FABER: WELL I WANT TO THANK BOTH OF YOU FOR JOINING US OF COURSE ON THIS IMPORTANT DAY AND THIS IMPORTANT ANNOUNCEMENT FOR THE COMPANY. MARISSA MAYER, THE CEO OF YAHOO. MAYNARD WEBB, THE COMPANY'S CHAIRMAN. THANK YOU.

WEBB: THANK YOU.

MAYER: THANKS.

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