New chief Yahoo Marissa Mayer took to the stage at the company’s Silicon Valley headquarters yesterday to lay out for employees her plan for turning around the company. And the consensus seems to be: polished and professional, but not quite  the “act of radical transparency” she had suggested was coming.

Not quite the radical act of defining what Yahoo is (or will be) that many investors were hoping for, either. About as close as Mayer came was to describe Yahoo as “a company, excels at personalization across content and ads.”

That’s a start, but only a start. The key will be not only being good at personalization in both content and ads but to connect the two, by enabling personalization of content to actually drive personalization of ads. The good news is, that’s where Mayer seems to be heading. Thus, her previous emphasis on investing in ad tech and not spinning off Right Media. She also told the troops Tuesday to expect more “acqui-hires.”

To that end, Mayer replaced CFO Tim Morse with Ken Goldman, who analysts expect to be less focused on margin expansion and more open to acquisitions.