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Yahoo Hires PayPal Prez as CEO

Scott Thompson will slide into hole left by the fired Carol Bartz

By Kate Schwartz, Newser Staff

Posted Jan 4, 2012 9:19 AM CST

(Newser) – Yahoo fired Carol Bartz over the phone—no word on whether it made the offer to its new CEO in the same manner. PayPal President Scott Thompson has been selected to take the reins of the troubled Internet company, which has been without a permanent CEO since Bartz was kicked to the curb in early September. Thompson will begin on Monday, reports the Wall Street Journal. Yahoo is currently discussing whether to unload its Asian assets, possibly to China's Alibaba Group; the Journal notes that it's not clear what impact the leadership shakeup may have on any potential deals.

Yahoo's chair praised Thompson's track record of building on existing resources "to reignite innovation and drive growth," calling it "precisely the formula we need at Yahoo." Yahoo shares fell 28 cents, or 1.7%, to $16 in morning trading; the AP notes its stock price hasn't risen above $20 in three years.

In this Nov.15, 2010 file photo, PayPal president Scott Thompson fields a question at the Web 2.0 Summit in San Francisco. (AP Photo/Paul Sakuma, File)

Yahoo Inc., confirmed Wednesday, Jan. 4, 2012, it has picked PayPal chief Scott Thompson as its next CEO. (AP Photo/Paul Sakuma, File)

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Showing 3 of 4 comments

traxxion

Jan 4, 2012 11:02 AM CST

1) Paypal, without a doubt is one of the most incompetently run companies in the world 2) "which has been without a permanent CEO since Bartz was kicked to the curb in early September." Kind of proves that the CEO does not make a difference. I mean how many CEO's are they going to try, before they get the message?

Moon

Jan 4, 2012 10:31 AM CST

Time to cancel any Yahoo accounts you might have.

Mr_Joshua

Jan 4, 2012 9:33 AM CST

Yahoo needs a "Jobsian miracle" to stop it's downward slide, and I don't see a Jobs anywhere. They missed their chance to take big money and run when they rejected Balmer's overvalued offer and now they shall be toast or taken over. Yahoo is now the Saab of the Internet world. And you can call me..............Mr Joshua

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Yahoo Hires PayPal Prez as CEO

Scott Thompson will slide into hole left by the fired Carol Bartz

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Yahoo • PayPal • Carol Bartz • CEOs • Scott Thompson

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