After months of searching, Yahoo announced its new CEO this morning: Scott Thompson, former president of PayPal. The market’s initial reaction? Yahoo shares are trading down 2 percent from yesterday’s close of $16.29 as the market absorbs the news and tries to make sense of it.
Thompson is an operator and a technologist. That might just be what Yahoo needs at this point. We’ll see if the market reacts more positively to his remarks during a conference call which is just about to start.
Update: The stock ended the day down 3 percent. Read more here or watch this video analysis.
Yahoo was founded in 1994 by Stanford Ph.D. students David Filo and Jerry Yang. It has since evolved into a major internet brand with search, content verticals, and other web services. Yahoo! Inc. (Yahoo!), incorporated in 1995, is a global Internet brand. To users, the Company provides owned and operated online properties and services (Yahoo! Properties, Offerings, or Owned and Operated sites). Yahoo! also extends its marketing platform and access to Internet users beyond Yahoo! Properties through its distribution network...
Scott Thompson was formerly CEO of Yahoo!. Before taking up this role he served as president of PayPal with overall responsibility for growing the global leader in online payments. Succeeding Rajiv Dutta in 2008, Scott previously served as PayPal’s senior vice president and chief technology officer where he oversaw information technology, product development, and architecture for PayPal. Prior to PayPal, Scott worked for Inovant, a subsidiary of Visa formed to oversee global technology for the organization. As executive vice president...
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