What's Caterina Fake doing in Yahoo!

So the "giant" seems to agree with you there.

Probably making the choice of sticking around for the stock vesting period. If you are ever asking yourself a question about someone, especially web/software related go to the source [0]. Here is what 'Fake' had to say not long ago about startups v's the SoftCo's of the world ...

'... Having worked at startups for my entire career, I had never worked at a company larger than 100-150 people. On a normal day, we would walk around patting ourselves on the back for how brilliant we were, how innovative, how fast we could ship, how much attention we paid to our customers, how WE were the rock stars and the people at those big companies? slow, dull, stupid wankers! ...' [1]

and goes on to explain that innovation is happening at large companies but needs to build a process withing the corporate framework.

'... But then I started working at a 10,000 person company and began to realize we weren't all that after all, the real Peter Framptons were the ones innovating at big companies. You build something brilliant while simultaneously serving literally billions of customers? Party on, you TRULY rock. ...' [2]

So this is what Fake is up to. Working out a process within the context of a large company to allow continual innovation. After doing a startup, waiting for vesting and having access to working capital and authority to execute it seems a natural progression.

Reference

[0] Katerina Fake, 'Big Companies, Small Companies, Innovation and Brickhouse'

http://www.caterina.net/archive/001049.html

[1] Katerina Fake, 'Big Companies, Small Companies, Innovation and Brickhouse', Ibid.

[2] Katerina Fake, 'Big Companies, Small Companies, Innovation and Brickhouse', Ibid.