Yahoo names Tim Morse as CFO
Jun 11th 2009 5:30PM
Updated Dec 4th 2009 2:18PM
Naming a new CFO, a role viewed by many as second only to the chief executive, is the most significant step taken by Yahoo (YHOO) CEO Carol Bartz since joining the internet company in January. Bartz, who came from Autodesk (ADSK), has been filling management positions at Yahoo with others who don't have experience at Web companies.
The fact that she didn't have management experience at an internet company doesn't mean she's "too old and too stupid to know what the internet is," Bartz said last month at the All Things Digital conference. She said she came to Yahoo because the company "needed some structure, and I'm quite good at that."
Morse will help Yahoo build that structure as it aims to turn around its sales and possibly secure a business partnership with Microsoft (MSFT) or search for acquisitions.
"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 in a press release today. "With his passion for operational finance, global experience, and expertise simplifying complex organizations and managing growth, Tim is a natural fit for Yahoo."
Morse replaces Blake Jorgensen as CFO at Yahoo. Jorgensen joined Yahoo as CFO two years ago after serving as chief operating officer at Thomas Weisel Partners, which he co-founded in 1998.
Morse spent just over two years at San Jose, California-based Altera (ALTR) and helped it recover from federal and internal probes into its stock-options practices over which its previous CFO resigned, The Wall Street Journal reported today. Morse was CFO and general manager of business development at GE Plastics while at GE (GE) for 15 years prior to joining Altera, which had sales of $1.37 billion last year. Yahoo had $7.21 billion in sales in 2008.
While at computer-aided software company Autodesk, Bartz helped increase sales from $285 million to $1.52 billion.
Yahoo said in an SEC filling on Feb. 26 that Jorgensen would be replaced as CFO, while remaining at the company through a transition period. He is scheduled to leave on June 30, with Morse becoming CFO on July 1. Yahoo spokeswoman Kim Rubey was not immediately available for comment.
Anthony Massucci is a senior writer for DailyFinance. You may follow him on Twitter at hianthony.