Yahoo! appoints PayPal's Scott Thompson as CEO

He replaces Carol Bartz who was asked to go in September last year. The appointment becomes effective January 9, 2012

BestMediaInfo Bureau | Delhi | January 5, 2012

Yahoo! has roped in PayPal's Scott Thompson as its new CEO. He replaces Carol Bartz who was asked to go in September last year. The announcement was made in Sunnyvale, California on Wednesday. Thompson has also been appointed to the company's board of directors. The appointment becomes effective January 9, 2012.

"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 Yahoo chairman Roy Bostock in a statement. "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."

Thompson served as President of PayPal, a division of eBay, where he continued his established track record of growing businesses by driving customer engagement built on strong technology platforms. Under his leadership, PayPal solidified its lead as the global online payment service, expanding its user base from 50 million to more than 104 million active users in 190 countries worldwide, increasing the number of merchant partners to more than 8 million globally, and growing revenues from $1.8 billion to more than $4 billion in 2011.

"Scott's primary focus will be on the core business, and as CEO and Director, he will work closely with the board as we continue the strategic review process to identify the best approaches for the company and its shareholders. As part of this process, Yahoo! is considering a wide range of opportunities for the company's business, as well as specific investments or dispositions of assets," added Bostock.

On his part, Thompson said, "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. 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.”

Info@BestMediaInfo.com

Info@BestMediaInfo.com