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The New Yahoo! Is a Tumblr

Mayer is also making real hires, and here again she seems to be looking for names, hiring Alex Stamos this week as chief information security officer.

Stamos is best-known to reporters as co-organizer and host of TrustyCon, a security conference meant to counter the industry's RSA Conference, which critics thought was getting too cozy with government. In response to the TrustyCon threat to its headlines, RSA brought in Stephen Colbert as a speaker to make jokes at the NSA's expense.

Stamos' job will be to make Yahoo itself more trustworthy. He has his work cut out for him, as my daughter learned last week when her email credentials were hacked and her Yahoo! Mail account suddenly started sending spam to her friends.

My daughter's response was to close her Yahoo! account in favor of a Google (GOOG) Gmail account. Yahoo!'s response, so far, has been to stop taking Facebook (FB) and Google sign-ins. 

This sums up Yahoo!'s problem under Mayer. There has been a lot of change happening on the surface, a lot of flash, but underneath it's the same old Yahoo! with the same old problems, and the same fading reputation among the young people whose loyalty it needs in order to grow.

That needs to change, soon, or as soon as Alibaba's value is known, the reason to own Yahoo! stock will be gone. Analysts may then start talking about a divorce from the stock, and from Mayer.

At the time of publication, the author owned shares of YHOO and GOOG.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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