Embattled Internet firm Yahoo has named PayPal President Scott Thompson as its new chief executive officer, nearly four months after ousting former CEO Carol Bartz.
Thompson, who has been running Paypal since 2008, is the long-awaited replacement for Bartz, who was sacked by the Yahoo board via a phone call last September.
The company is undergoing a strategic review at the moment in a bid to redefine its purpose and compete with the likes of Facebook and Google, The Telegraph reports.
Yahoo’s chairman, Roy Bostock said Thompson’s appointment 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.’
He said Thompson will now lead the strategic review of the company and that he hopes to “deliver Yahoo''s next era of success” working with both the company’s advertising and users.
Since Bartz’s sudden departure, Tim Morse Yahoo’s chief financial officer has been the interim chief executive. He will now return to his previous role.
Bartz was fired over the phone last September by Bostock, having failed to grow the company significantly and was accused of causing a bitter rift with Alibaba, in which Yahoo holds a 40pc stake.