Yahoo Inc., which is struggling to turn around its online advertising business, has tapped the president of eBay’s PayPal unit, Scott Thompson, as its next chief executive, The Wall Street Journal reports.
The story reports: “The move announced Wednesday came amid a flurry of activity by Yahoo’s board, which fired CEO Carol Bartz in September after she was unable to increase revenue and as rivals such as Facebook Inc. and Google Inc. zoomed ahead. Tim Morse, Yahoo’s chief financial officer, has been interim chief executive since Ms. Bartz’s ouster.”
Thompson was scheduled to take over the job Jan. 9.
Yahoo shares were reportedly down 2.2% in late-morning trading today, while eBay shares were off 3.7%.
WSJ adds: “Yahoo’s efforts to turn around the company by cutting costs and joining forces with Microsoft Corp. have yet to produce reliable sales growth. Disappointment with the effort culminated in the ouster of Ms. Bartz. At the time of her firing, Yahoo said it was looking at a range of strategic options.”