Everybody say hello to Mr. Scott Thompson! You may, or may not, already be familiar with this particular businessman. Before taking on the responsibility of Yahoo! President, Mr. Thompson presided over the ever-popular PayPal.com. Certainly not a bad idea when choosing who to take over one of the (former) biggest search engine's on the internet. Mr. Thompson displayed some enthusiasm with this new title and has big plans to bring Yahoo! into a prosperous new year.
"NEW YORK (CNNMoney) -- After four leaderless months, Yahoo named Scott Thompson as its new CEO on Wednesday -- choosing an outsider to take over the helm despite shareholders' calls to sell the company.
Thompson was previously the president of PayPal, an eBay (EBAY, Fortune 500) subsidiary. His appointment, which becomes official January 9, follows the ouster of former CEO Carol Bartz -- who was unceremoniously fired by the company's board via phone in September.
Shares of Yahoo (YHOO, Fortune 500) closed 3.1% lower Wednesday.
In a prepared statement, Thompson called Yahoo "an industry icon" with a "rich history." Although that's true, Yahoo has struggled mightily in recent years. The company gave up on search two years ago, a market that it once led. It is also losing ground with its other cash cow, display advertising, to new entrants to the market such as Google (GOOG, Fortune 500) and Facebook."