Yahoo just announced that they have found a new CEO, former Paypal President Scott Thompson will be Yahoo’s new head honcho effective January 9, 2012. Scott will step-in as Yahoo’s new CEO after Yahoo’s Board fired Carol Bartz 4 months ago.
This will be a good start for Yahoo by hiring a low profile CEO with great track record. Prior to being Paypal’s President Scott worked as EVP of Technology solutions at Inovant, Chief Information Officer of Barclays Global Investors, and at Coopers and Lybrand, delivering information technology solutions to leading financial services clients.
In a press release Roy Bostock Yahoo’s Chairman of the board said;
“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!,”….”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.”
Even though PayPal is synonymous to online payment/credit, Scott Thompson is practically unknown to most people but with his new role at Yahoo, I’m sure people will get to know him better. I just hope that after a bad 2011 for Yahoo, Scott will be able to help Yahoo gain it’s former glory.
To read Yahoo’s full press release click here.