PayPal President Scott Thompson is now Yahoo’s CEO

Yahoo has announced the name of its new CEO. Yahoo has announced that PayPal President Scott Thompson will take the post if Yahoo’s CEO. This post was vacant since the Carol Bartz was fired on the phone few months back.

Scott Thompson has served as president of eBay’s payment division since 2008. Paypal has seen a good growth and doubled the userbase in the leadership of Thompson.

Yahoo said in a statment,”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. The search committee and the entire Board concluded that he is the right leader to return the core business to a path of robust growth and industry-leading innovation.”

Thompson is also very excited to join the yahoo. he said in a statment,”Speed is important but we will attack both the opportunity ahead and the competitive challenges with an appropriate balance of urgency and thoughtfulness. I cannot wait to get started.”

Working as a new CEO for Yahoo will not be easy for Thompson. He will have to face many challenges as yahoo is loosing market share and revenue in each quarter results

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