Nicely, on the finish of the day and after weeks of hypothesis, Yahoo didn’t go together with a former Microsoft or ex-Amazon.com exec for the CEO publish. As a substitute, the struggling Silicon Valley search and media firm picked a man with ties to PayPal.
Yahoo today announced that it has named Scott Thompson as CEO. The previous president of PayPal, the net funds division of eBay, begins January ninth. Interim CEO Tim Morse will revert to his position as CFO of Yahoo.
“Scott brings to Yahoo! a confirmed file of constructing on a stable basis of present property and assets to reignite innovation and drive progress, exactly the formulation we want at Yahoo,” mentioned Chairman Roy Bostock in a press release. “His deep understanding of on-line companies mixed along with his group constructing and operational capabilities will restore the vitality, focus, and momentum essential to develop the core enterprise and ship elevated worth for our shareholders.”
Yahoo’s inventory misplaced two % on the information, persevering with a slide for the one time tech titan. Thompson inherits one of many hardest job in tech, making an attempt to reposition Yahoo as it has misplaced market share to rivals such as Google.
As a part of the transformation, Bostock mentioned that Yahoo is contemplating a variety of alternatives, together with “particular investments or tendencies of property.” Experiences have surfaced that Yahoo is seeking to promote its Asian property.
The corporate additionally has outsourced a lot of its search promoting enterprise to Microsoft by way of a partnership introduced a number of years in the past. Extra not too long ago, Microsoft, together with personal fairness backers, have been discussed as possible investors within the firm.
Kara Swisher at All Issues D — who first reported the news final night time — had speculated about a number of attainable candidates for the Yahoo job, specifically former aQuantive CEO and Microsoft VP Brian McAndrews; Hulu CEO Jason Kilar; and former Microsoft CFO Chris Liddell.
In a press release, Thompson mentioned that Yahoo has a wealthy historical past and stable basis to construct on.