Tags: Yahoo | mayer | morse | cfo

Yahoo's New CEO Replaces Finance Chief

Tuesday, 25 Sep 2012 06:23 PM

 

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Yahoo! Inc. Chief Executive Officer Marissa Mayer hired Ken Goldman to succeed Tim Morse as chief financial officer, making her biggest management change yet after taking the reins of the struggling Web portal.

Goldman was previously chief financial officer at Fortinet Inc., a provider of computer-network security. His appointment is effective Oct. 22, while Morse, who joined in 2009, is leaving later this year, Sunnyvale, California-based Yahoo said today in a statement.

Mayer, who joined Yahoo in July, is realigning leadership in her drive to reverse three years of declining revenue and market share losses to Facebook Inc. and Google Inc., her former employer. Before luring Goldman from Fortinet, Mayer brought in entrepreneur and former American Eagle Outfitters Inc. executive Kathy Savitt last month as chief marketing officer.

Yahoo said in August that Mayer would embark on a review of the business, including its growth and acquisition strategy, its cash position and capital allocation plans.

With Goldman, Mayer adds a CFO with three decades of experience at Fortinet and other software and Internet companies, including Siebel Systems, Sybase and Excite@Home.

Yahoo fell 2 percent to $15.68 at the close in New York. The shares have dropped 2.8 percent this year, compared with the Nasdaq Composite Index’s 20 percent gain.

© Copyright 2014 Bloomberg News. All rights reserved.

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