Yahoo names new CFO, fills void left by shake-up

Yahoo YHOO has lured a chief financial officer away from one of its Silicon Valley neighbors, filling a key piece of the new management team that's vying to end the Internet company's three-year stretch of mostly declining profits.

The Sunnyvale, Calif.-based company said Thursday that it plucked Tim Morse from Altera, a San Jose-based chipmaker. Morse became Altera's CFO in 2007 after spending 15 years working for General Electric in various jobs.

Morse's hiring ends Yahoo's 3 1/2-month search to replace its current CFO Blake Jorgensen, who announced his plans to leave a few weeks after the company hired Carol Bartz its new chief executive.

Jorgensen will depart with $1.8 million severance package when he leave Yahoo at the end of the month. He is set to become CFO of jeans maker Levi Strauss & Co. beginning July 1.

Morse, 40, will start at Yahoo with a $500,000 salary, a hefty raise from the $375,000 he was getting at Altera. Yahoo also is paying him a $500,000 signing bonus, 400,000 shares of stock options and 150,000 shares of restricted stock.

Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...
See It, Share It
PHOTO: The first explosion knocked down a runner at the finish line of the 117th Boston Marathon.
John Tlumacki/The Boston Globe via Getty Images
PHOTO: The scene near the finish line of the Boston Marathon is seen in this April 16, 2013 file photo. Inset, suspects Tamerlan and Dzhokhar Tsarnaev are seen. Tamerlan Tsarnaev died after a gunfight with police and Dzhokhar Tsarnaev, was captured.
Elise Amendola/AP Photo; Inset: Lowell Sun, FBI/AP Photo
PHOTO: Pulaski Township Police Sgt. Chad Adam seen here in this undated Facebook photo, went undercover as an Amish woman.
Pulaski Township Police Department/Facebook