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Yahoo names former PayPal president Scott Thompson as CEO

01-05-2012 09:36 BJT

SAN FRANCISCO, Jan. 4 (Xinhua) -- Yahoo on Wednesday named Scott Thompson, former president of online payment service PayPal, as its chief executive officer (CEO), ending the Internet company's nearly four-month search for a right person to fill the position.

Thompson's appointment will be effective on Jan. 9, when he will also formally join the company's board of directors, Yahoo said in a press release.

Yahoo fired former CEO Carol Bartz on Sept. 6, 2011, and has been in a CEO search since then.

Bartz took over the CEO role 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.

However, Yahoo never reached the heights Bartz had foreseen. In its latest financial report released in October 2011, the company' s quarterly revenue dropped by 5 percent year-over-year.

In recent months, Yahoo has reportedly been in talks to sell part or all of its business.

Although in financial struggle, Yahoo is still seen as one of the leading online platforms with about 700 million unique monthly visitors.

"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 added.

While announcing Thompson's appointment, Yahoo noted that he has 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 growing revenues from 1.8 billion U.S. dollars to over 4 billion dollars 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 organization.

"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 after Bartz's departure, will resume his role as the company's chief financial officer, Yahoo said.

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Editor:Zhang Hao |Source: Xinhua

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