Yahoo Names New CFO
On February 26th, Yahoo announced that its chief financial officer, Blake Jorgensen, would be leaving the company. Now Yahoo has found a replacement in the form of Tim Morse.
Morse has a fairly impressive background. Early on in his professional life, he spent a full 15 years climbing the ranks at General Electric, which is obviously a large and important corporation. CFO and general manager of business development, GE Plastics, was the last position Morse held.
More recently, he worked as CFO of Altera, a semiconductor company with a market cap of $5.10 billion. And during the course of the past year, Altera’s stock has done a bit better, percentage-wise, than either the Nasdaq or the Dow (a decline of 24.70 percent compared to drops of 24.73 percent and 28.16 percent, respectively).
Yahoo’s stock, meanwhile, has plummeted 38.77 percent over the past 52 weeks.
So Yahoo’s executives are definitely hoping that Morse will initiate a change of pace. Carol Bartz stated, "Tim has a proven ability to translate strategy into structure, process, and execution, and I am delighted that he will be joining my leadership team to help drive Yahoo!’s growth."
Morse should assume full CFO responsibilities on July 1st.