Yahoo Taps PayPal President Thompson as Next CEOBy Channel Insider Staff | Posted 2012-01-04 Email Print
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Yahoo chose PayPal President Scott Thompson as CEO, ending a four-month search process after the company fired Carol Bartz from the helm in September.
Yahoo (NASDAQ:YHOO) Jan. 4 named PayPal President Scott Thompson as Chief Executive Officer, ending months of searching after the struggling media company fired Carl Bartz from the role in September.
Thompson, who was also appointed to Yahoo's board of directors, will take the helm Jan. 9, when interim CEO Tim Morse will resume his role as Chief Financial Officer.
Thompson helped PayPal maintain and fortify its position as the top global online payment service. Under his leadership, PayPal grew its user base from 50 million to more than 104 million active users in 190 countries worldwide, boosting revenues from $1.8 billion to over $4 billion in 2011.
EBay CEO John Donahoe, who was shocked by Thompson's exit, will take over as president of PayPal for the time being.
The revenue growth Thompson oversaw at PayPal is likely one of the major reasons Yahoo's board picked him. Yahoo has struggled to boost revenue and bolster user engagement despite enjoying over 700 million visitors.
"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 Board Chairman Roy Bostock said in a statement.
Bostock also said Thompson will work with the board on its "strategic review process," including specific investments or dispositions of assets.
On a press conference call, Thompson praised Yahoo's existing online media properties and said he would spend his first days at the company getting to know the executive, engineers and product teams, and learning more about the company's products. He will also work with Yahoo's sales teams to get a handle on what Yahoo advertiser and publishers need.
"We need to refocus our energies on doing what we do really well," Thompson said, noting that increasing value for shareholders and revenue growth were his chief concerns. He said build great innovative products for the 700 million-plus unique visitors will ultimately be his charge at Yahoo.
To read the original eWeek article, click here: Yahoo Picks PayPal President Thompson For CEO