Yahoo poaches PayPal president Scott Thompson

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Scott Thompson, the former president of online payment specialist PayPal, has left the company to become the new CEO of Yahoo.

Yahoo's previous CEO Carol Bertz was controversially sacked last September. Interim CEO Tim Morse will now return to his role of Yahoo's CFO.

Thompson has been the president of eBay since 2008, during which time the company doubled its user base to in excess of 100m users.

Scott brings to Yahoo a proven record of building on a solid foundation of existing assets and resources to reignite innovation and drive growth, precisely the formula we need at Yahoo,” Yahoo chairman Roy Bostock stated.

His deep understanding of online businesses combined with his team building and operational capabilities will restore the energy, focus, and momentum necessary to grow the core business and deliver increased value for our shareholders.

The search committee and the entire Board concluded that he is the right leader to return the core business to a path of robust growth and industry-leading innovation.”