Yahoo Appoints PayPal President as New CEO
January 4, 2012 9:47 AM
New Yahoo CEO Scott Thompson
Yahoo chooses PayPal head Scott Thompson as Yahoo CEO
months of searching
, Yahoo has finally selected a new chief executive officer to take the helm. According to
The Wall Street Journal
, Yahoo has appointed PayPal President Scott Thompson as Yahoo CEO.
Since 2008, Thompson has been in charge of eBay's online payment system PayPal. Before that, he was its chief technology officer.
Yahoo could certainly use Thompson's help. After growing quickly in the 1990's, Yahoo was unable to keep up the momentum in the 2000's with other competitors rising up. Then, in 2008, Yahoo declined a takeover bid from Microsoft worth $44 billion. It later took a beating during the global financial crisis, leaving it with a market value of only $20 billion. Investors were upset with Yahoo co-founder Jerry Yang for how the bid was handled, and he stepped down in late 2008.
Yahoo suffered further leadership issues last year when the abrasive Carol Bartz, former Yahoo CEO, was fired in September 2011. She was famous for telling Michael Arrington to
in 2010 at the TechCrunch Disrupt conference in New York City, and never thought twice about speaking her mind in front of anyone and everyone.
After Bartz's departure, Yahoo named Tim Morse, former Yahoo chief financial officer, interim CEO until a permanent figure could be found.
Now, Yahoo has announced this morning that the selection is official. Thompson is in.
"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," said Chairman Roy Bostock.
Thompson will join the board as well on January 9.
The Wall Street Journal
"And boy have we patented it!" -- Steve Jobs, Macworld 2007
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