Yahoo! Inc. has hired Scott Thompson as Chief Executive Officer, effective on January 9, 2012. Tim Morse will return to his duties as Chief Financial Officer, who was serving as the interim CEO when Carol Bartz was fired. Thompson has also joined Yahoo!’s board of directors. Thompson served most recently as the President of eBay subsidiary PayPal.
While Thompson was PayPal president, the user base grew from 50 million to 104 million active users in 190 countries. He also served at a time when the number of merchant partners grew to over 8 million. Revenues grew from $1.8 billion to $4 billion in 2011.
“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,” stated Thompson said. “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. With the ultimate goal of delivering the value our shareholders expect, my immediate focus will be on getting to know the entire team and hearing more from all Yahoo!s, working closely with the engineers and product teams, and diving deeply into our products and services to learn more about what our more than 700 million users find most engaging and useful. I will also be working directly with our region leaders and sales teams globally to get a clearer understanding of the needs of our advertisers and publishers. Clearly, speed is important but we will attack both the opportunity ahead and the competitive challenges with an appropriate balance of urgency and thoughtfulness. I cannot wait to get started.”