05 January 2012 | Author: R Wood Media Intern
Yahoo has named Scott Thompson as CEO, replacing Tim Morse who will resume his role as CFO.
The flagging internet giant has been without a leader since September after firing Carol Bartz and naming Tim Morse as interim CEO.
Since then, rumours about the future of Yahoo included everything from a possible sale to a significant management shuffle as share prices began to level after a significant drop over the summer.
"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," chairman Roy Bostock said in a press release.
Prior to being appointed CEO, Thompson served as PayPal's president - more than doubling the online payment firm's user base and growing revenues to upwards of $4 billion (£2.5 billion).
"His deep understanding of the online businesses combined with his team building and operational capabilities will restore the energy, focus, and momentum necessary to grow the core business and deliver increased value for our shareholders," Bostock added.
Even so, Thompson has his work cut out for him as he steps into his new role - in the face of competition from competitors like Google and AOL the former search heavyweight has struggled to define itself.
During her tenure as CEO, Bartz was criticised heavily for being unable to give the focus needed to help restore the company to its former glory, and as Yahoo continues its strategic review, Thompson will face similar challenges.
"Scott's primary focus will be on the core business, and as CEO and director, he will work closely with the Board as we continue the strategic review process to identify the best approaches for the company and its shareholders," Bostock said.
"As part of this process, Yahoo is considering a wide range of opportunities for the company's business, as well as specific investments of dispositions of assets."
PayPal president named Yahoo's new CEO
Yahoo has named Scott Thompson as CEO, replacing Tim Morse who will resume his role as CFO. The flagging internet giant has been without a leader since September after firing Carol Bartz and naming Tim Morse as interim CEO.
Since then, rumours about the future of Yahoo included everything from a possible sale to a significant management shuffle as share prices began to level after a significant drop over the summer.
"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," chairman Roy Bostock said in a press release.
Prior to being appointed CEO, Thompson served as PayPal's president - more than doubling the online payment firm's user base and growing revenues to upwards of $4 billion (£2.5 billion).
"His deep understanding of the online businesses combined with his team building and operational capabilities will restore the energy, focus, and momentum necessary to grow the core business and deliver increased value for our shareholders," Bostock added.
Even so, Thompson has his work cut out for him as he steps into his new role - in the face of competition from competitors like Google and AOL the former search heavyweight has struggled to define itself.
During her tenure as CEO, Bartz was criticised heavily for being unable to give the focus needed to help restore the company to its former glory, and as Yahoo continues its strategic review, Thompson will face similar challenges.
"Scott's primary focus will be on the core business, and as CEO and director, he will work closely with the Board as we continue the strategic review process to identify the best approaches for the company and its shareholders," Bostock said.
"As part of this process, Yahoo is considering a wide range of opportunities for the company's business, as well as specific investments of dispositions of assets."
English
German/Deutsch
Norwegian/Norsk
Swedish/Svenska
Italian/Italiano
French/Français
Spanish/Español
Latest News
RSS News Feeds
Related Articles
Tags
