Tim Morse, the former CFO of Altera Corp. and a veteran executive of General Electric, has been named Yahoo's new Chief Financial Officer, effective July 1. Morse takes over for Blake Jorgensen, who resigned shortly after new CEO Carol Bartz joined the company but has stayed on during a transition period. (Press release, Techmeme)
A CFO announcement had been expected as Jorgensen is scheduled to begin his new job as CFO for Levi Strauss on July 1. Jorgensen is set to receive a severance package of $1.8 million when he leaves Yahoo, according to a May 22 filing with the Securities and Exchange Commission.
In a statement announcing Morse's hiring, CEO Carol 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 organizations and managing growth, Tim is a natural fit for Yahoo!.
Morse, who will be responsible for the company's finance, investor relations, and mergers and acquisitions groups, will join Yahoo on June 17.