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| Tim Morse to be new Yahoo! CFO |
| Press Trust of India / New York Jun 12, 2009, 15:48 IST |
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Internet major Yahoo! has appointed Tim Morse as its Chief Financial Officer with effect from July 1, ending more than three months of search.
Yahoo!'s current CFO, Blake Jorgensen announced his plans to leave the firm in February, just weeks after Carol Bartz took over the reins of the internet entity.
"... The Board of Directors has appointed Tim Morse as chief financial officer... Morse will be responsible for the company's finance, investor relations, and mergers and acquisitions groups.
"He will commence employment on June 17, 2009 and will assume the responsibilities of CFO on July 1, 2009," Yahoo! said in a statement.
Morse would be paid a salary of $500,000 and a "sign-on bonus" of $500,000, according to Yahoo!'s regulatory filing with the Securities and Exchange Commission.
"He will receive a base salary at an annual rate of $500,000, subject to annual review, and will be eligible to participate in the Company’s Executive Incentive Plan, with a target bonus of 100 per cent of his base salary," the filing said.
In addition to a sign-on bonus of $500,000, Morse would also get 400,000 shares of stock option and 150,000 restricted stock units.
"This (sign-on) bonus will be subject to repayment by Morse in the event of Morse's voluntary termination or termination by the Company with cause in the first year of Morse's employment," the filing noted.
Prior to joining Yahoo!, Morse served as CFO of semiconductor company Altera Corporation. He also worked at General Electric for 15 years at various positions at GE Plastics, GE Appliances and GE Capital in North America, Europe and Asia.
Morse also served as CFO and general manager of business development for General Electric Plastics.
Commenting on the appointment, Yahoo! CEO Bartz said, "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".
"With his passion for operational finance, global experience, and expertise simplifying complex organisations and managing growth, Tim is a natural fit for Yahoo!," Bartz said.
Jorgensen would remain with the company as the CFO through a transition period, the filing added.
"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 said.
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