Yahoo (NSDQ: YHOO) has once again gone outside the company and the internet sector to find a top executive — naming Altera Corp. CFO Timothy Morse to be its new chief financial officer. The announcement concludes a lengthy search to replace departing CFO Blake Jorgensen. Prior to joining the semiconductor firm Altera, Morse spent 15 years at General Electric (NYSE: GE). He was CFO of GE Plastics.
His hiring fills the biggest remaining executive vacancy at Yahoo, although the company is still on the lookout for a new head of international operations. Many of CEO Carol Bartz’s other recent hires have also come from outside the business. Elisa Steele, whom Bartz appointed as the company’s chief marketing officer last month, was previously at data storage firm NetApp. The company’s new senior vice president for customer advocacy Jeff Russakow is from Symantec. Bartz herself, of course, was CEO at software maker Autodesk.
In a filing with the SEC, Yahoo said that Morse will immediately receive a $500,000 bonus to compensate him for benefits he is leaving behind at Altera. He will also receive a base salary of $500,000, an option to purchase 400,000 shares of Yahoo stock, and 150,000 restricted stock units.
Full release after the jump.
SUNNYVALE, Calif., Jun 11, 2009 (BUSINESS WIRE) — Yahoo! Inc. (Nasdaq:YHOO) announced today that the Board of Directors has appointed Tim Morse as chief financial officer. Reporting directly to Carol Bartz, the chief executive officer of Yahoo!, Morse will be responsible for the company’s finance, investor relations, and mergers and acquisitions groups. He will commence employment on June 17, 2009 and will assume the responsibilities of CFO on July 1, 2009.
“Tim has a proven ability to translate strategy into structure, process, and execution, and I am delighted that he will be joining my leadership team to help drive Yahoo!’s growth,” said Bartz. “With his passion for operational finance, global experience, and expertise simplifying complex organizations and managing growth, Tim is a natural fit for Yahoo!.”
Morse has financial experience in both large and small organizations, managing in complex, fast-paced environments and establishing scalable, cost-effective processes and controls. Prior to joining Yahoo!, he was the CFO of Altera Corporation, a semiconductor company specializing in programmable logic devices for communications, industrial, and consumer applications. Morse previously served as the CFO and general manager of business development for General Electric Plastics. A 15 year veteran of GE, he also held a variety of positions at GE Plastics, GE Appliances and GE Capital in North America, Europe and Asia.
“Yahoo! is an amazing brand with a unique combination of assets, and I am extremely excited to be joining a finance team with a deep commitment to financial excellence and fiscal discipline,” said Morse. “I look forward to working with the entire leadership team to continue to focus on driving results and creating value for our shareholders.”
Morse holds a bachelor’s degree in finance and operations and strategic management from the Boston College Carroll School of Management.