Yahoo names former PayPal President its new CEO

Today, Yahoo announced thatб═Scott Thompson, former President of PayPal, will be the company’s new chief executive office following the sudden firing of Carol Bartz late last year. The move will be effective January 9, also at which time Yahoo’sб═Tim Morse will return to his position of CFO (he’s been interim CEO since Bartz was fired).б═

“Scott brings toб═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!,” saidб═Roy Bostock, Chairman of theб═Yahoo! Board. “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. The search committee and the entire Board concluded that he is the right leader to return the core business to a path of robust growth and industry-leading innovation.”

Yahoo fired its old CEO, Carol Bartz, back in September of 2011 following poor performance from the former Autodesk CEO. Bartz later told her story, where she said that the company’s board of directors “f*****” her over.б═

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