Yahoo appoints PayPal’s President Scott Thompson as the new CEO

by Swati on January 4th, 2012 2

Amidst all the chaos and confusion, struggling Internet giant Yahoo has appointed a new CEO, to turn around the company’s online-advertising business.

Scott Thompson, president of eBay Inc.’s PayPal unit will be Yahoo’s new CEO, effective from January 9, and would replace interim CEO Tim Morse who will resume his role as the CFO, Yahoo stated this Wednesday. Yahoo will hold a conference call at 10 am EST (1500 GMT) for investors to discuss the matter.

Thompson’s main focus would be on Yahoo’s core businesses and take strategic decisions on whether or not the company should consider selling off its Asian assets.

“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. His deep understanding of 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,” Yahoo Chairman Roy Bostock said in a statement.

Hiring a new CEO makes the sale of the Yahoo unlikely and the company seems to be hopeful that it can bounce back under the leadership of a new team.

Do you think Yahoo has made the right decision? Share your ideas in the comments.

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Lalit Kumar Garg

Wish you a good luck Scott

January 5, 20126:51 am

IPaidNothing | Free iPhone 4

Good luck Scott! Don’t really see the appeal though!

http://www.ipaidnothing.co.uk/blog/

January 22, 20129:24 pm

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