PayPal’s Scott Thompson to pick up the pieces at Yahoo!

Beleaguered internet company Yahoo! has appointed Scott Thompson, the president of eBay’s online payments business PayPal, as its chief executive.

The appointment of Thompson, who will take a seat on the board of Yahoo!, comes as the once-powerful online company considers a range of strategic options including the possible sale of all or part of its business.

Thompson replaces Carol Bartz, who was ignominiously ousted in September and subsequently claimed that the company “fucked her over”.

The Yahoo! chairperson, Roy Bostock, said that Thompson’s primary focus will be to work closely with the board on the strategic review to “identify the best approaches for the company and its shareholders”.

“As part of this process, Yahoo! is considering a wide range of opportunities for the company’s business, as well as specific investments or dispositions of assets,” added Bostock.

Thompson, considered something of a dark horse who had not been named in previous reports on candidates tipped to take the top role, said Yahoo! is an “industry icon” and is keen to deliver the company’s “next era of success”.

“Clearly, speed is important but we will attack both the opportunity ahead and the competitive challenges with an appropriate balance of urgency and thoughtfulness,” he added.

Last month it was reported that Yahoo! is also considering a plan to cut back its Asian holdings in China’s Alibaba Group and Japan’s SoftBank, after a problematic time with investors.

Yahoo! owns a 40% stake in e-commerce company Alibaba and a 35% stake in Yahoo! Japan. A sale could yield funds of up to $17-billion which could then be used to mollify investors, stage stock buybacks or even make further strategic investments.

Companies that have been linked with considering a deal with Yahoo! include AOL, TPG Capital, Silver Lake and Microsoft.

In November an offer for 19.9% of Yahoo! backed by Microsoft, which made an unsuccessful $44.6-billion hostile bid in 2008, valued the business at $20.6-billion.

Last month a consortium including Alibaba Group, Softbank and private equity firms Blackstone and Bain emerged with a tentative plan to buy all of the company in a deal worth about $25-billion.–


The business of unfinished business

Physical and psychological violence will continue unless we self-reflect on our apartheid scars

Coronavirus: South Africa will evacuate citizens from Wuhan

The government is expected to evacuate citizens from Wuhan, where the coronavirus outbreak originated

Primedia CEO Essack leaves following internal battles

Omar Essack leaves the 702 and 94.7 owners after a protracted standoff with the board

‘We’re satisfied with SA’s land reform policy’— US Ambassador

Top US official is lobbying multinational firms to invest in South Africa

Press Releases

Tourism can push Africa onto a new path – minister

The continent is fast becoming a dynamic sought-after tourist destination

South Africa’s education system is broken and unequal, and must be fixed without further delay

The Amnesty International report found that the South African government continues to miss its own education upgrading targets

Business travel industry generates billions

Meetings Africa is ready to take advantage of this lucrative opportunity

Conferences connect people to ideas

The World Expo and Meetings Africa are all about stimulating innovation – and income

SAB Zenzele Kabili B-BBEE share scheme

New scheme to be launched following the biggest B-BBEE FMCG payout in South Africa’s history

Digging deep

Automation is unstoppable, but if we're strategic about its implementation, it presents major opportunities

TFSAs are the gymnasts of the retirement savings world

The idea is to get South Africans to save, but it's best to do your research first to find out if a TFSA is really suited to your needs

Achieving the litmus test of social relevance

The HSS Awards honours scholarly works based on their social relevance and contribution to the humanities and social sciences