Yahoo Taps PayPal President As New CEO

    January 4, 2012

Yahoo’s search for a new CEO appears to be over this morning, as the company has announced that they have tapped PayPal president Scott Thompson for the job. The appointment, which was first rumored late yesterday, was confirmed this morning via press release from Yahoo. Thompson’s appointment takes effect on Monday, January 9th.

Speaking on the appointment, Roy Bostock, Chairman of Yahoo’s board of directors, 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!”

This appointment comes almost four months to the day after the announcement that Yahoo had fired CEO Carol Bartz. Bartz was apparently fired over the phone by Bostock. Bartz had been hired in 2009 to help dig the struggling company out of its troubles, a task at which she was largely unsuccessful. Yahoo has been stepping up efforts to find a replacement in recent weeks. In the interim, the company has been headed by CFO Tim Morse.

Meanwhile, eBay has announced that eBay CEO John Donahoe will take the reins of PayPal until a new president can be appointed.

[Source: Yahoo Press Release]