Yahoo Names PayPal Prez Scott Thompson CEO
ADOTAS – Today, Yahoo named Scott Thompson, current president of PayPal, as its new CEO. Yahoo’s been without a chief executive since September, when it fired the sometimes-confrontational Carol Bartz. Thompson, on the other hand, has been described as personable. His background is in technology rather than media — before PayPal, he’d worked with Visa global technology subsidiary Inovant — and his hiring reportedly came as a surprise to many Yahoo higher-ups. But there’s been some relief at his track record: Since 2008, he’d helped PayPal grow from a $1.8 billion business to $4 billion.
The New York Times reports that Roy J. Bostock, chairman of Yahoo’s board, said Thompson’s appointment won’t change Yahoo’s plans to sell off to Asian partners its stakes in Yahoo Japan and Chinese company Alibaba Group, which are still in negotiations. But it is said to reduce the chances Yahoo would be sold to private equity investors. Bostock’s quoted in the Times as saying, “I do not envision us not being a public company going forward.”
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