Published on junio 12th, 2009 | by admin0
Financial Officer Is Hired by Yahoo
The company said Thursday that it had hired Tim Morse from Altera, a chip maker based in San Jose, Calif., not far from Yahoo’s base in Sunnyvale. Mr. Morse became Altera’s chief financial officer in 2007 after spending 15 years in various positions at General Electric.
The hiring of Mr. Morse ends Yahoo’s three-and-a-half-month search for a successor to its current chief financial officer, Blake Jorgensen, who announced his plans to leave a few weeks after the company hired Carol Bartz as its new chief executive.
Mr. Jorgensen, who will depart with a $1.8 million severance package, is set to become chief financial officer of the jeans maker Levi Strauss & Company on July 1.
Mr. Morse, 40, will start at Yahoo with a $500,000 salary, up from the $375,000 he was getting at Altera. Yahoo is also paying him a $500,000 signing bonus, 400,000 shares of stock options and 150,000 shares of restricted stock.
By THE ASSOCIATED PRESS