Washington: 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
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