By Osagie Alonge
Multinational internet corporation, Yahoo! INC has named Scott Thompson, the current president of global e-commerce business PayPal as its chief executive. The announcement was made on Wednesday, January 4, 2012.
Yahoo is looking forward to see Thompson who is credited with the success of eBay help Yahoo!, a multi-billion dollar company, from its financial struggles and mismanagement.
Once a high ranking Web powerhouse, Yahoo has struggled to compete with newer heavyweights Google Inc and Facebook in recent years.
‘It’s a positive outcome, but not as positive as a sale of the company’, said Lawrence Haverty, a fund manager with GAMCO investors, which owns Yahoo shares.
‘I’m from Boston, we’re the underdogs since the beginning of time. Hopefully that spirit has held through. I like doing complicated, very difficult, very challenging things‘, Thompson said in an interview.
Yahoo! was founded by Jerry Yang and David Filo in January 1994.
PayPal President Scott Thompson is Yahoo's New C.E.O!
