Yahoo names its new CEO: PayPal president Scott Thompson

Yahoo has announced they have poached PayPal president Scott Thompson, naming him as their new CEO.

The news comes nearly four months after the high-profile dismissal of former CEO Carol Bartz, who in turn took over the position after a failed merger with Microsoft.

According to Reuters, the news came as a shock to PayPal's parent company, eBay.

Yahoo cites Thompson's "record of deep industry experience" at PayPal, Visa subsidiary Inovant, and Coopers and Lybrand as the reason for their decision.

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