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January 5, 2012
Finally, Yahoo gets a set of capable hands to steer its wheel after four long and ambiguous months. This week Yahoo announced its final choice for Chief Executive Officer, and it is none other than PayPal President Scott Thompson. Technology and web development resource TechCrunch reports that Thompson is expected this coming January 9 to take on the challenging role of CEO, a role previously taken on by Carol Bartz who was ousted from Yahoo last September. With the arrival of Thompson, interim CEO Tim Morse returns to his post as Yahoo’s Chief Financial Officer, and Yahoo gets a new voice and a whole new stand.
Views on Yahoo
In his first ever conference call with Wall Street analysts as the new CEO Thompson expressed his views on Yahoo and appeared quite positive, particularly on how Yahoo’s multiple stores of data can really benefit it. He admits he still has a lot to learn, but that his “instincts” tell him that it is in Yahoo’s data that the company “will find ways to compete and innovate that the world hasn’t seen yet.” Thompson explained that “there is tremendous value if you can organize and interrogate data at the scale Yahoo has,” and that somewhere in all this data from their 700 million users is the key to, as TechCrunch puts it, “building better products and delivering more value to advertisers.”
Thompson also stated how Yahoo provides users engaging experiences by combining both content and technology, and not confining Yahoo as strictly a technology company or media company.
A Promising Record
Although the news of Thompson taking over caused a drop in Yahoo’s market shares by around 2 per cent, many and especially those in Yahoo definitely view him as a positive addition. According to TechCrunch editor Erick Schonfeld, Thompson is “an operator and a technologist” and his capabilities and stellar record could be just what Yahoo sorely needs. TechCrunch quotes Yahoo Chairman Roy Bostock saying, “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.” This “proven record” is based on Thompson’s achievements during his time as PayPal president, which includes the growth of PayPal’s user base from 50 million to 104 million active users in 190 countries through aggressive viral and online marketing.
Bostock also acknowledged Thompson’s deep understanding of online businesses as well as Thompson’s building and operational capabilities and how these could help the company grow and deliver more value for their shareholders. Along with him Bostock says, the search committee and the entire Board at Yahoo agree that Thompson is “the right leader to return the core business to a path of robust growth and industry-leading innovation.”
Moving Forward
The future looks promising with Thompson on board, though his ideas still need to be backed up by actions later on. As of the moment, Bostock clarifies that Yahoo will continue to sell off its Asian assets, and Thompson will just have to keep up with the company as it coasts along. Thompson has been quoted asking investors and observers to give him some time- and with so many counting on him and rooting for the company, hopefully he won’t take too long to bring Yahoo back to its feet.
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