4
. Yahoo names PayPal exec as their CEO. [
AP]
Yahoo Inc. has named Scott Thompson, president of eBay Inc.'s PayPal division, as its new CEO, the fourth one in less than five years for the struggling Internet company.
Yahoo, which announced its choice Wednesday, has been without a permanent CEO since early September. It fired Carol Bartz after losing patience with her attempts to turn around the company during her 2 1/2 years on the job. Tim Morse, Yahoo's chief financial officer, has been interim CEO since Bartz's ouster.
"Whoever steps in this role is not going to have an easy time," Gillis said.
Yahoo's stock fell 38 cents, or 2.3 percent, to $15.91 in morning trading following the announcement.
Shares of eBay, meanwhile, dropped $1.21, or 3.9 percent, to $30.13. Gillis, though, said Thompson's departure won't hurt eBay.
"PayPal is much bigger than any one individual," he said. "Some new blood may even help reinvigorate it."
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