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September 26, 2012

Yahoo hires new CFO

New CFO to take charge from 22 October

By CBR Staff Writer

Yahoo has hired Ken Goldman as new chief financial officer replacing the existing CFO Tim Morse, with effect from 22 October 2012, as the company plans an expensive turnaround.

According to Yahoo, the new CFO will be responsible for the internet firm’s global finance functions that include financial planning and analysis, controllership, tax, treasury, and investor relations, while directly reporting to Mayer.

Yahoo CEO Marissa Mayer, at her first companywide address, said Ken is an accomplished and respected financial executives in the technology industry having served as a CFO for more than 25 years.

"His track record leading the financial strategy and stewardship of many successful public and private companies makes him an ideal choice for Yahoo! as we enter our next phase of growth," Mayer said.

Mayer is also planning to increase users of Yahoo, grow ad revenue, hire clever employees and dominate mobile market by 2015.

Mayer, earlier an employee at Google, joined Yahoo as president and CEO in July.

Yahoo had earlier posted $1.08bn revenue for the second quarter of 2012, flat compared to $1.076bn it had recorded during the corresponding quarter in 2011.

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Yahoo’s second-quarter net income was $226.6m, down slightly from $237m in the year ago period.

GAAP revenue was $1,218m, a 1% decrease from the second quarter of 2011.

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