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.