Yahoo! confirms Scott Thompson is its new CEO

4 Jan 2012

Former PayPal executive Scott Thompson has been confirmed as Yahoo!’s new CEO. The web portal clearly aims to capitalise on Thompson’s ability to grow user numbers and expand into new markets to turn around its fortunes.

Earlier today we reported that there was speculation Thompson was about to be acclaimed the new CEO.

Under Thompson’s leadership, PayPal grew the company’s user base from 50m to more than 104m active users in 190 countries worldwide.

He also increased the number of merchant partners to more than 8m globally, and grew revenues from US$1.8bn to more than US$4bn in 2011.

Thompson fills the role after Carol Bartz was ousted by the board in September.

Yahoo!’s chief financial officer Tim Morse, who was acting CEO until the role was filled, will resume his primary role as CFO.

In recent months, it emerged that Microsoft may be sniffing out a potential acquisition of Yahoo! after pulling out of a potential purchase three years ago due to bungling of the deal among Yahoo!’s board.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years