Yahoo! has selected the PayPal president Scott Thompson as its new CEO and he will take on that role on Jan. 9, the company said Wednesday.
Thompson is the fourth Yahoo! CEO in less than five years. His predecessor Carol Bartz was fired in September.
Tim Morse, who has been serving as interim CEO since Bartz’ departure, will resume as the company’s CFO, said Yahoo chairman Roy Bostock said in a statement.
"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!," said Bostock.
"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 will lead the one of the Internet’s earliest search giants, which has recently fallen on hard times. Yahoo still has a large user base, however its net value has dropped by more than half in the past few years. Its advertising gains have slipped far behind other internet giants like Google and Facebook.