Yahoo names new CEO (Lead)January 5th, 2012 - 6:37 am ICT by IANS
Washington, Jan 5 (IANS) Yahoo has named Scott Thompson, former president of online payment service PayPal, as its new chief executive officer.
Wednesday’s announcement ended the internet company’s four-month search for the right person to fill the position, Xinhua reported.
Thompson’s appointment will be effective Jan 9, when he will also formally join the company’s board of directors, Yahoo said in a press release.
Yahoo fired former CEO Carol Bartz Sep 6, 2011. Bartz had taken over as CEO from Yahoo co-founder Jerry Young in January 2009, when the company was struggling to stay competitive and profitable in a market dominated by Google.
“Yahoo is an industry icon and I am very excited about the prospect of working with one of the great teams in the online world to deliver Yahoo’s next era of success,” Thompson said in a statement upon his appointment.
“Yahoo has a rich history and a solid foundation to build on, and its continued user engagement is one of the many reasons for my enthusiasm,” he said.
While announcing Thompson’s appointment, Yahoo said he had a track record of growing businesses by driving customer engagement built on strong technology platforms when he served as president of PayPal, a division of eBay.
Under Thompson’s leadership, PayPal expanded its user base from 50 million to more than 104 million worldwide, and revenues from $1.8 billion to over $4 billion in 2011, according to Yahoo.
Thompson also previously served as PayPal’s senior vice president and chief technology officer. Prior to PayPal, he was executive vice president of technology solutions at Inovant, a subsidiary of Visa formed to oversee global technology for the organisation.
“Scott brings to Yahoo a proven record of building on a solid foundation of existing assets and resources to reignite innovation and drive growth, precisely the formula we need at Yahoo,” Yahoo chairman Roy Bostock said in a statement.
Following Thompson’s appointment, Tim Morse, who acted as interim CEO, will resume his role as the company’s chief financial officer, Yahoo said.
In its latest financial report released in October 2011, the company’s quarterly revenue dropped by five percent year-over-year.
- Yahoo names new CEO - Jan 05, 2012
- Yahoo CEO steps down - May 14, 2012
- Yahoo taps former Google executive as CEO - Jul 17, 2012
- Yahoo! to cut another 2,000 jobs in restructuring effort - Apr 04, 2012
- Yahoo to acquire Interclick for $270 mn - Nov 02, 2011
- Yahoo CEO firing shocks the corporate world - Sep 08, 2011
- Yahoo co-founder Jerry Yang steps down (Lead) - Jan 18, 2012
- Inadvertent error in CEO's resume: Yahoo - May 04, 2012
- Yahoo considers selling Asian assets: Report - Dec 22, 2011
- Yahoo Inc Lays Off 600 Employees - Dec 15, 2010
- Yahoo cuts 2,000 jobs - Apr 05, 2012
- Carol Bartz could get $10 million in compensation from Yahoo - Sep 08, 2011
- Round-trip flights to Mars within a decade - Mar 22, 2012
- PayPal launches partial services in Russia - Oct 14, 2011
- Facebook ties up with PayPal to collect ad revenue - Feb 19, 2010
Tags: carol bartz, chief executive officer, chief technology officer, ebay, former president, global technology, google, industry icon, internet company, paypal, rich history, roy bostock, s board, scott thompson, senior vice president, solid foundation, technology platforms, tim morse, xinhua, yahoo yahoo