Yahoo Chooses PayPal President as Bartz Successor

The search for Carol Bartz’s successor is finally over. Scott Thompson, president of eBay’s PayPal division, is Yahoo’s next CEO. Thompson will take the reins — and a seat on the board — on Monday and acting CEO Tim Morse will resume his role as CFO.

Under Thompson’s leadership, PayPal solidified its lead as the global online payment service, expanded its user base from 50 million to more than 104 million active users in 190 countries, increased the number of merchant partners to more than 8 million globally, and grew revenues from $ 1.8 billion to $ 4 billion-plus in 2011.

“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,” said Roy Bostock, chairman of Yahoo’s board. “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.”

Thompson’s Strategy

Thompson previously served as PayPal’s senior vice president and chief technology officer. Prior to PayPal, he was executive vice president of technology solutions at Inovant , a subsidiary of Visa formed to oversee global technology for the organization. He was also CIO of Barclays Global Investors.

Thompson said Yahoo has a rich history and a solid foundation to build on. He said his immediate focus would be on getting to know the entire team and hearing more from all employees. He plans to work closely with the engineers and product teams, and dive deeply into Yahoo products and services to learn more about what users find most engaging and useful.

“I will also be working directly with our region leaders and sales teams globally to get a clearer understanding of the needs…

7″ Mini Netbook Laptop Notebook WIFI Windows Black Netbook
It is ideal for business people on the go, students, children and home users. You can surf the net, send emails, instant messaging…

Toshiba NB505-N508TQ 10.1-Inch Netbook (Turquoise)
Leave your laptop at home. Tell your tablet or smartphone to step back. Because now you can enjoy a better Internet experience on …