14 DAY TRIAL // Yahoo has announced that it has a new Chief Financial Officer after the recent departure of Blake Jorgensen. Tim Morse is the company's new CFO and will handle finances, as well as investor relations, mergers and acquisitions. The Internet giant's CEO Carol Bartz made the announcement herself.
“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,” Bartz said. “With his passion for operational finance, global experience, and expertise simplifying complex organizations and managing growth, Tim is a natural fit for Yahoo!.”
Morse was previously employed by the chip company Altera Corporation where he was senior vice president and also chief financial officer. He will be replacing Blake Jorgensen after Bartz let him go in February. Jorgensen has held the position as Yahoo's CEO has been looking for a replacement and will continue to do so until June 30th.
“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, who has had long career at General Electrics also, where he held a series of positions with the most recent being CFO and general manager of business development for General Electric Plastics. “I look forward to working with the entire leadership team to continue to focus on driving results and creating value for our shareholders.”
Yahoo's CEO Carol Bartz has been working on refocusing the company towards social networking platforms and further developing it as a web portal while putting a lesser emphasis on its search business for which Yahoo has been looking for buyers for a while now. She has been slowly replacing some of the corporation's top management, bringing Elisa Steele as Chief Marketing Officer in February and Jeff Russakow in April to lead a new customer advocacy group at Yahoo.