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Yahoo Appoints PayPal President as CEO

Yahoo Inc. has appointed Scott Thompson, president of PayPal, as its new CEO. Thompson will be replacing Tim Morse, effective January 9, 2012, and represents the fourth CEO for Yahoo! in less than five years.

In addition to his experience as President of PayPal, owned by eBay, Thompson served as PayPal's Senior Vice President and Chief Technology Officer. Prior to PayPal, he was Executive Vice President of technology solutions at Inovant. He also served as Chief Information Officer of Barclays Global Investors.

After firing Carol Bartz in September, Yahoo appointed Tim Morse, its chief financial officer, as the interim CEO. Bartz was fired for not being able to turn the company around, a task that will be equally challenging for Thompson. Yahoo has been declining in the internet advertising market for years, losing ground to giants Google Inc. and Facebook Inc. While Thompson has experience in consumer service, analysts said PayPal is "very different from a media company," according to the New York Times.

Still, it's too early to tell whether Thompson can turn things around for the struggling internet media company. As the new CEO, Thompson will be focusing on the "core business," and will work with the Board to create new avenues for the company and its shareholders. According to the official announcement, Yahoo is also considering new opportunities for the business, as well as "specific investments or dispositions of assets."

- Melanie Saxe

Read more:

http://pressroom.yahoo.net/pr/ycorp/221363.aspx

http://www.nytimes.com/2012/01/05/technology/paypal-executive-named-ceo-of-yahoo.html?ref=technology

 

Jan 05, 2012