Yahoo! has announced President of PayPal Scott Thompson has been tapped as their new Chief Executive Officer. Yahoo! hopes that Thompson will bring the same type of success and growth he is credited for achieving at PayPal to the company which is in dire need to turn things around after the last few years of unstable performance. Thompson starts Jan. 9th, 2012 and will also join the Yahoo! board.
EBay’s shares fell 3.5 percent as analysts said the online retailer would miss the respected Internet executive. Yahoo!’s stock doesn’t appear to be doing much based on this news that was announced around 11 am this morning.
YHOO Stock Quote
Yahoo Stock Quote: Jan. 4, 2012, 1:20 PM – Source: Google Finance
I’m not completely sold on this move, I believe Yahoo! needs a person with creative and decisive vision to turn things around. Thompson’s background is in Payments and Yahoo! is not a payment company. Before his position at PayPal, Thompson worked for Inovant, a subsidiary of Visa as executive vice president of technology solutions. Before that he was chief information officer of Barclays Global Investors. Honestly I hope he proves me wrong and does a fantastic job.
Photo Credit: https://www.paypal-media.com/executives
