Key elements Yahoo! announced are the centralization of consumer product development to enhance the company’s ability to release products worldwide; the creation of a U.S. region focused on bringing products to market for users, advertisers and publishers; formation of an insights strategy team; and enhancements to the technology infrastructure to optimize the use of data and improve coordination between product and engineering teams.

“These moves accelerate the ability of our deep and talented team to build great products, grow our audiences and improve monetization globally,” said Jerry Yang, CEO. “They are designed to put us in an even better position to leverage our leading global audience and capture the opportunity we see in the convergence of search and display advertising.”

Business and Product Changes

The company is creating three new teams that will report to President Sue Decker. An Audience Products Division will assume responsibility for companywide product strategy and product management. It will be led by Ash Patel who previously managed the company’s Platforms & Infrastructure group. A U.S. region with accountability for all go-to-market activity in the U.S. will be led by Hilary Schneider, who previously headed the company’s Global Partner Solutions group. Finally, an Insights Strategy team will assume responsibility for centralizing and executing a common strategy for the use of data and analysis across Yahoo!. The company plans to name this group’s leader within the next few weeks.

“The changes we’re making today will help deliver superior global products for users and enable faster and better decision-making,” said President Sue Decker. “This is a logical next step in light of our success last year in moving to a more centralized approach to developing world-class marketing products. We have planned these changes deliberately over the past several months to clarify responsibilities and to capitalize on the scale advantages while allowing for fine tuning to meet local market needs.”

Technology and Infrastructure Changes

Yahoo! is making changes to its technology organization, led by Chief Technology Officer Ari Balogh, to better position the company to execute on its strategic priorities. Principal changes are developing a world-class cloud computing and storage infrastructure; rewiring Yahoo! onto common platforms; and creating a stronger partnership between product and engineering teams.

“Since my arrival at Yahoo! earlier this year, we’ve carefully evaluated the best possible configuration of our technology group to support our business strategies,” said Balogh. “I’m excited by the depth of our team which—combined with the talent we continue to recruit—will execute even better under this new structure.”

In order to expand its cloud computing capabilities, the Company will form a Cloud Computing & Data Infrastructure Group, charged with developing a computing infrastructure that balances scalability with cost effectiveness. It will move all consumer-facing platform teams to the Audience Technology Group, led by Venkat Panchapakesan. In addition, it is putting new leadership in place behind Yahoo!’s search group, naming Prabhakar Raghavan to direct search strategy and Tuoc Luong as the interim leader of the search product team. Both Prabhakar and Tuoc will also continue in their roles as the leaders of Yahoo! Research and Search Engineering respectively. In addition, David Ku will lead the Advertising Technology Group within Search.

Yahoo!’s Marketing Products Division, Connected Life and Corporate Marketing groups will continue to operate as they do today.

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Mr. Grant will be responsible for TriQuint’s global manufacturing including purchasing, manufacturing quality and supply chain operations.

“I am very excited to have Steve join the team. His experience at the world’s largest and most advanced semiconductor company will bring significant know-how and benefits to TriQuint. We feel fortunate to have attracted such an industry expert,” Quinsey remarked.

Mr. Grant, who spent the last 27 years at Intel Corporation, was most recently Vice President of Intel’s Technology and Manufacturing Group in Oregon. During his Intel tenure, he managed the Fab manufacturing network and was key to driving the manufacturing structure and efficiency improvements to record performance levels. Mr. Grant holds a Bachelor of Science in Material Science from the University of Illinois.

“I’m extremely excited to join TriQuint Semiconductor and confident that my business and operational knowledge can play a solid, contributing role for the company. TriQuint’s RF technology offerings and market strength make it ideally positioned for growth and I’m very pleased to be a member of the TriQuint team during this period of tremendous opportunity,” Mr. Grant said.

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This action will eliminate approximately 3 million units of high-cost capacity and provide Goodyear with annual cost savings of approximately $35 million.

“This completes our commitment to reduce high-cost capacity by about 25 million units and achieve annual cost savings of more than $150 million,” said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. “Going forward, our efforts will be focused on increasing production of high-value-added tires in low-cost operations to support growth in these segments in Asia-Pacific markets, including Australia and New Zealand.”

South Pacific Tyres (SPT) will immediately initiate communications with its 600 associates and union representatives regarding the plan to close the plant in Somerton, Victoria by Dec. 31, 2008.

“Goodyear and South Pacific Tyres remain committed to their customers and a strong and ongoing product, retail and wholesale presence in Australia,” said SPT Chief Executive Officer Judith Swales.

Total restructuring and accelerated depreciation charges for this action are estimated to be approximately $125 million after tax, of which approximately $85 million is for cash charges. Goodyear anticipates recording charges of approximately $75 million after tax in the second quarter of 2008.

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“Having spent the last three decades successfully implementing and executing marketing and sales strategies for the world’s leading car manufacturers such as BMW, Audi, and Volkswagen, we are very fortunate to bring someone of Tony’s caliber to the team,” said Steve Fambro, co-founder and CEO of Aptera. “His wide-ranging experience coupled with established relationships in key automotive channels will prove invaluable as we prepare to roll our first vehicle off the assembly line this year.”

Prior to joining Aptera, Kirton was an independent marketing and company brand consultant serving multiple industries including automotive, industrial, professional services and consumer products representing nationally recognized brands. Much of his recent work has focused on understanding the major cultural shifts in America and interpreting their implications for developers of tomorrow’s large-scale communities. In this capacity he led executive level teams through the process of cultivating the company story, articulating core values internally and to the customer, and discovering the essence of the brand they hope to build.

Other notable positions include five years as Director of Marketing at Audi of America; Vice President of Sales for Volkswagen & Audi in Great Britain; and Chief Marketing Officer on the executive board of BMW’s South African marketing and manufacturing subsidiary. In that role, Tony was responsible for all sales, marketing, and service activities. He initiated and led a major turn around of the customer service experience, resulting in the company taking the number one position in measured satisfaction among all manufacturers competing in that market.

“For me, it’s a remarkable opportunity to join Aptera at such a pivotal time in the company’s history,” stated Kirton. “When I first met Steve Fambro over three years ago, Aptera was more dream than reality. Now we are just months away from introducing the first Aptera design to the California market. Little did we know that an exponential rise in gas prices would make this radical new form of energy efficient personal transportation more relevant and more urgently needed than ever. I feel that we are following in the great tradition of California garage start-ups that rock the ways things are done. Aptera is a game changer in an automotive world desperately in need of one. I can’t imagine any place I’d rather be.”

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The company also announced that it has received a tax refund from the U.S. Internal Revenue Service of $581 million. The refund is related to the audit of certain claims filed for tax years 1993-1998, and is composed of a refund of past federal income taxes paid of $306 million and $275 million of interest earned on the refund.

The company plans to fund the majority of the stock repurchase program, which is authorized through the end of 2009, from the tax refund, with the remainder to come from available cash on hand. The repurchase will commence as soon as practicable, in accordance with the rules and regulations of the U.S. Securities and Exchange Commission that govern such purchases.

“Our Board’s decision to authorize this repurchase initiative underscores the rising confidence we have in Kodak’s product portfolio, in our current financial position, and in the execution of our strategy,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “With our significant liquidity and strong balance sheet, we continue to pursue a variety of long-term, value-creating growth initiatives that are well funded. In addition, we strongly believe that at the current price, the purchase of our own stock is an appropriate use of our cash and will further enhance long-term shareholder value.”

Separately, as part of the discussion of its second-quarter results on July 31, 2008, the company plans to update the investment community on the magnitude of the expected full-year net positive earnings impact from the following factors: the tax refund, commodity prices and related company actions, and the previously announced lengthening of the useful life assumptions of its film and paper manufacturing assets.

The federal tax refund claim related primarily to a 1994 loss recognized on the company’s sale of stock of a subsidiary, Sterling Winthrop Inc., which was originally disallowed under IRS regulations in effect at that time. The IRS subsequently issued revised regulations that served as the basis for this refund claim.

The refund will have a positive impact on the company’s net earnings for the second quarter of 2008 of $574 million. Of the $574 million increase in net earnings, $300 million relates to the 1994 sale of Sterling Winthrop Inc., which will be reflected in earnings from discontinued operations, net of income taxes. The balance of $274 million, which represents interest, will be reflected in earnings from continuing operations.

Because of tax-loss carryforwards and other tax attributes, the company expects to retain $575 million of the $581 million proceeds received, with the difference representing expected payments in 2008 for state income taxes.

Under the terms of the repurchase program, the company may repurchase shares in open market purchases or through privately negotiated transactions. The stock repurchase activities will be conducted in compliance with the safe harbor provisions of Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Kodak management will determine the timing and amount of any repurchase based on its evaluation of market conditions and other factors. Repurchases of common stock may also be made under 10b5-1 plans, which would permit common stock to be purchased when the company may otherwise be prohibited from doing so under insider trading laws. The share repurchase program does not obligate the company to repurchase any dollar amount or number of shares of its common stock, and the program may be extended, modified, suspended or discontinued at any time.

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“For years many large nonprofits and member groups have earned incremental revenue from affinity credit card programs, but most small nonprofits have been locked out of this opportunity—until now,” says Doug Davis, CardPartner’s Senior Director of Sales and Marketing. “CardPartner and UMB are changing the rules. We offer customized affinity credit card programs specifically for smaller nonprofits and member groups. Even the smallest group earns incremental revenue at rates comparable to large groups.”

CardPartner (www.cardpartner.com) offers proprietary online tools that nonprofits and member groups use to design and offer their own Visa Platinum credit card. UMB makes the credit decisions, issues the card, and manages account relationships.

An affinity credit card promotes a group’s cause, allows supporters to express their affinity for that cause, and pays the group a finder’s fee and a portion of charge volume.

Program Features & Benefits

For groups
–

Identity: Most large affinity card programs offer supporters a single card design. The CardPartner/UMB program allows groups to offer members and supporters up to five design choices. Cards incorporate logos and images in designs that are especially meaningful to supporters.
–

Control: Groups never turn over their mailing lists. All contact is between the group and its members or supporters.
–

Simplicity: Groups get user-friendly, proprietary online tools to design their own program. Plus, a customized micro site and marketing toolkit to communicate the card program to supporters/members
–

Quick set-up: The card program can be up and running in less than two weeks
–

Rewards: $50 cash bonus for each card activation (card used at least once within 90 days of issue), plus a percentage of the monthly spend charged to each card paid to the group monthly
–

Revenue Calculator: An online tool that models how much revenue a group might earn from its affinity card program
–

No setup costs

For cardholders
– No annual fee
– 0% APR on purchases and balance transfers for the first six months and a low, fixed rate after six months for all approved applicants
(0% introductory APR on purchases and balance transfers for the first six months.
Thereafter, the APR will vary based upon the Prime Rate plus 5.90%. As of June 1, 2008, the APR for both purchases and balance transfers is 11.15%. Balance transfer offer limited to balance transfer requests submitted with application, from an issuer other than UMB Bank, n.a. or its affiliates.)
– Purchase protection
– Zero Liability protection for unauthorized purchases
– Emergency cash and card replacement
– Lost/stolen card reporting service
– 24-hour roadside assistance
– Warranty manager service
– Lost luggage replacement

Mark Levitt, former MBNA Bank executive and now CardPartner’s Senior Director of Creative Services, says, “Most small nonprofits and membership groups don’t have the resources to support a traditional affinity card program. By providing powerful online tools, the CardPartner/UMB program makes it easy for groups to launch, market, and maintain their own programs. And the more effectively a group markets the card to members and supporters, the more valuable the program becomes.”

Nonprofits, Schools, Clubs, Teams Among Eligible

Groups now eligible for a Visa Platinum credit card program include local, regional and national professional and fraternal groups, social clubs, local and regional charities, charitable foundations, fundraising organizations, private and other schools, research organizations, health and wellness groups, sports teams, social clubs, and more.

Early adopters of the UMB/CardPartner program include Guide Dogs for the Blind, the Pancreatic Cancer Action Network, and the Oregon-California Trails Association, each of whom works with CardPartner and UMB to offer affinity credit cards to their thousands of members and supporters.

Commenting on the affinity credit card program her organization recently launched with UMB and CardPartner, Nancy Gardner, president and CEO of Guide Dogs for the Blind says, “We offer our services free-of-charge to our students, including a Guide Dog, air transportation, room and board, training, equipment, financial assistance for veterinary care and alumni support services. We are pleased the Guide Dogs for the Blind Platinum Visa® credit card will support our mission and generate additional funds for our organization.”

George Schmelzel, Senior Vice President of UMB Card Services, says, “This specialized card program offered to smaller groups competes effectively with similar programs offered by the major credit card issuers. This unique arrangement creates a simple, safe and secure method for small organizations to reap the benefits of an affinity credit card program that larger organizations have capitalized on for years.”

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Dr. Corrigan has more than 20 years of experience in treating psychiatric and central nervous system disorders and is board certified in psychiatry and neurology.

Dr. Corrigan joined Sepracor in 2003 as Executive Vice President of Research and Development. Prior to joining Sepracor, he worked at the Upjohn Company, which became Pharmacia Corp. in 1996. At Pharmacia, Dr. Corrigan served as Group Vice President of Global Clinical Research and Experimental Medicine and, in 1998, was promoted to Group Vice President, Global Clinical Research, with responsibility for clinical research, biostatistical/data management and global procurement for compounds in Phases 1-3B.

Prior to joining Upjohn, Dr. Corrigan spent five years in academic research at the University of North Carolina Medical School, focusing in psychoneuroendocrinology. During his tenure, he was a principal investigator for several novel antipsychotics and continues to maintain an appointment as Adjunct Clinical Professor of Psychiatry.

Dr. Corrigan earned his undergraduate and medical degrees from the University of Virginia and subsequently received specialty training in psychiatry at Cornell and Maine Medical Center. He is a Distinguished Fellow of the American Psychiatric Association (APA).

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”This is the second collaboration initiated with Pfizer in the last 18 months and we look forward to this expansion to our productive research and development relationship,” said Andrew Reaume, PhD, President and CEO of Melior.

Melior Discovery Overview

Melior Discovery is leading the transformation of pharmaceutical drug repositioning with its unique theraTRACE® platform of multiplexed in vivo models. It is using this capability to both build an internal pipeline of development candidates as well as sharing this capability with pharma and biotechnology company partners. In the former case, Melior is identifying “privileged” compounds that have been discontinued by others which it identifies through a close working relationship with Dr. Christopher Lipinski. In its partnered arrangements, Melior offers pharmaceutical partners an approach to expand their late-stage pipelines with safe, high-quality drug candidates.

Melior Discovery is located in Exton, PA.

Reporting to Don Mattrick, senior vice president of IEB, Delman will be responsible for the global marketing strategies for the Xbox and Games for Windows businesses. He will drive initiatives to market Microsoft Game Studios games, grow the Xbox and Games for Windows platforms and brands, lead global marketing for Xbox LIVE, and manage customer insights and relationships. Delman will partner with subsidiary organizations to develop world-class global marketing strategies, in addition to working with internal and external groups to advance strategic global brand partnerships.

“I couldn’t imagine a more exciting time to be joining the IEB team — we’re on the cusp of revolutionizing the gaming industry, and changing how people interact with their television and connect with others,” Delman said. “I look forward to applying my experience in global marketing to extend the reach of our products and propel the business into the next phase of growth.”

In his two decades as a global marketer, Delman has worked across various business sectors and regions. Delman most recently managed worldwide advertising, relationship marketing and events for the majority of Microsoft’s business groups, which included running Microsoft’s $1 billion global agency relationships with McCann Worldgroup and Young & Rubicam Brands. Delman also served as director of marketing for Microsoft Europe, Middle East and Africa (EMEA), where he was responsible for pan-European distribution strategy, pricing, licensing, market research and public relations. Before his position in EMEA, Delman served as general manager of the MSN Internet access business, managing product support, network operations and all international markets. Before joining Microsoft, Delman was a vice president at Ogilvy & Mather in addition to managing the Toshiba computer and corporate image accounts at NW Ayer and the First Interstate Bank business.

“Michael’s global experience and work in Europe is a strategic asset as the Interactive Entertainment Business gears up for the next wave of growth and audience expansion,” Mattrick said. “We welcome him to the team and look forward to utilizing his expertise to take our brand to new heights.”

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“We are very pleased to have an executive with Mike’s experience, industry insight and vision for the future ready to take the reins,” said Kevin A. Richardson II, a member of Pegasus’ Board, and founder and CEO of Prides Capital LLC. “Mike has been a driving force in many of the company’s recent successes, including RezView NG, and is ideally suited to take control, having served in key day-to-day roles at the company for the past three years. One of the company’s many strengths is its highly capable management team, and we accept John’s decision that this is an excellent time to conduct a smooth transition.

“We owe John a debt of gratitude for all he has done to make this company great. He founded what is now Pegasus Solutions almost 20 years ago with the creation of THISCO and ‘The Switch,’ a product that remains central to our company and the travel industry today. During his tenure, John presided over many of the company’s major milestones: the initial IPO of Pegasus Systems, the acquisitions and integration of REZsolutions and Unirez, and more recently, taking the company private. In 2007, John oversaw the strategic acquisitions of WizCom and GuestClick, the latter of which allowed us to springboard our development of RezView NG, giving us the opportunity to reestablish our position as an innovator and market leader.

“The Board and all of the Pegasus employees thank John for his tireless work, which has been instrumental in making Pegasus a success. We wish him well in his future endeavors as we look forward to an exciting new chapter in the company’s history,” Richardson concluded.

In his previous role at Pegasus, Kistner was responsible for the company’s daily operations, technology and shared services, as well as the company’s reservation and distribution service line. Kistner joined Pegasus as the senior vice president of operations and service delivery in 2005.

“I am pleased to have the opportunity to lead Pegasus Solutions, a company I believe in and that is well positioned for the future,” said Kistner. “We all know the travel industry is very dynamic, but I am confident Pegasus has the right elements to ensure its ongoing success, including an innovative management team, dedicated employees and unparalleled products and services. The recent launch of RezView NG, which is redefining market standards in central reservation systems, is just one example of the pillars that will ensure the company remains a leading force in the market. I look forward to many more successes for Pegasus and our valued partners, and I thank John and Prides Capital for their confidence.”

Davis said, “I have been thinking about this transition for some time, and I am confident this is the right time to put the full capabilities of the company behind Mike, whose deep industry knowledge, extraordinary leadership ability and diverse skills will serve the company well. I have every confidence in Mike, the Pegasus team and our increasingly important role in the industry.”

Prior to joining Pegasus, Kistner served as chief information officer (CIO) and senior vice president of distribution at Best Western International, Inc., and before that, Kistner was a senior vice president at Cendant Corp. Previously, Kistner worked for Super 8 Motels, where he was executive vice president of operations, and he was also vice president for management information systems and reservations at HFS Inc. Kistner holds a B.S. in accounting and information systems from Northern State University, Aberdeen, S.D., and a M.S. in information systems from Colorado State University. He is the past chairman and current member of the e-commerce committee of the American Hotel & Lodging Association. From 2000 to 2005, he served as chairman of the Open Travel Alliance (OTA), and has been recognized as one of the leading CIOs in the hospitality industry.