Yahoo! appoints Scott Thompson Chief Executive Officer

Under Thompson’s leadership, PayPal expanded its user base from 50 million to more than 104 million active users in 190 countries worldwide, increasing the number of merchant partners to more than 8 million globally, and growing revenues from $1.8 billion to $4+ billion 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 the Yahoo! 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."

"Yahoo! is an industry icon and I am very excited about the prospect of working with one of the great teams in the online world to deliver Yahoo!’s next era of success," Thompson commented. "Yahoo! has a rich history and a solid foundation to build on, and its continued user engagement is one of the many reasons for my enthusiasm. Clearly, 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."

According to a press release, Thompson’s primary focus will be on the core business, and as CEO and Director, he will work closely with the Board to continue the strategic review process to identify the best approaches for the company and its shareholders.

Scott Thompson has a record of deep industry experience. Before serving as President of PayPal, he was PayPal’s Senior Vice President and Chief Technology Officer. Prior to PayPal, Thompson was Executive Vice President of technology solutions at Inovant, a subsidiary of Visa formed to oversee global technology for the organization. Thompson was also Chief Information Officer of Barclays Global Investors, where he implemented a new strategic technology platform and global infrastructure. In addition, he worked with Coopers and Lybrand, delivering information technology solutions to leading financial services clients.