Yahoo’s new CEO, Carol Bartz, has gone outside the Internet biz once again to restaff the executive suite as the company looks for ways to replace slipping online advertising revenues while challenging rival Google for search engine dominance.
The company announced last week that it has hired Timothy Morse, senior VP and chief financial officer of Silicon Valley chipmaker Altera Corp., as its own new CFO, for his “expertise in simplifying complex organizations.”
Before joining Altera more than two years ago, Morse, 40, worked 15 years for General Electric, including as finance boss of GE Plastics, where he played a lead in getting the $6.6 billion business in shape for a sale, according to The Wall Street Journal. GE sold it off last year.
Bartz, who took over at Yahoo in January, has been under pressure by shareholders to slim down the company, and get off the dime in revenues and profit. Besides Morse, she has hired internet outsiders Elisa Steele from NetApp, the data-storage company, as marketing chief; and software maker Symantec’s Jeff Russakow to fill the new position of senior vice president of customer advocacy.
Morse is to start as finance chief in July, replacing Yahoo CFO Blake Jorgensen, who will reportedly join Levi Strauss & Co. at that time as its new top financial officer. Jorgensen announced his intention to leave Yahoo in February.
Besides managing Yahoo’s finances, Morse’s duties are to include mergers and acquisitions, and investor relations.
In a regulatory filing, Yahoo said Morse’s compensation will include a $500,000 annual salary, a signing bonus in the same amount, and options to buy 400,000 shares of Yahoo stock and 150,000 units of restricted stock. An annual bonus of up to $500,000 will be determined by performance reviews of both Morse and the company.
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