Yahoo! hired a new CEO on Wednesday. The Internet search company announced that it hired former PayPal president Scott Thompson to fill the role, and he’ll take over daily operations on Monday, January 9.
The company’s previous CEO, Carol Bartz, lost her job back in September amid controversy and shareholder dissatisfaction. Ms. Bartz was the CEO that handed over control of Yahoo!’s search advertising business to Microsoft in a deal that didn’t work out nearly as well as she had hoped.
Shortly after she was fired, Ms. Bartz issued a company-wide email telling employees that she had been let go over the phone.
Yahoo! then turned to the headhunting firm Heidrick & Struggles to find a new leader. That search ultimately led to today’s announcement and the company’s hopes that its revenue will start to climb again.
Just exactly what Mr. Thompson will do to turn around Yahoo!’s fortunes isn’t clear yet, although the company did say he would be focusing on the “core business,” and will be working with the board to find the best options for the company and shareholders, which include “specific investments and dispositions of assets.”