Internet giant Yahoo on Wednesday named PayPal's Scott Thompson its new chief executive, saying he would recharge growth but also leaving open the possibility of selling off assets. Thompson was named four months after the company sacked his predecessor Carol Bartz over her unsuccessful effort to turn the ailing Internet giant around.
Yahoo said Thompson would focus on the company's core business and work with the board to "identify the best approaches for the company and its shareholders." "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," chairman Roy Bostock said in a statement.
"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." Thompson was until Wednesday's announcement head of the large online payments firm PayPal, a key unit of eBay, for almost four years. He said in a conference call with analysts and investors Wednesday that Yahoo needs to build traffic to its websites and hold them there. He also said the company's core assets are stronger that many people believe.