Yahoo! Appoints PayPal President Scott Thompson as CEO

Yahoo! PR:

SUNNYVALE, Calif. -- Yahoo! Inc. (NASDAQ: YHOO), the premier digital media company, today announced the appointment of Scott Thompson as Chief Executive Officer, effective January 9, 2012 , at which time Tim Morse will resume his role as Chief Financial Officer. Thompson has also been appointed to the Company's Board of Directors, effective January 9, 2012 .

Thompson served most recently as President of PayPal, a division of eBay, where he continued his established track record of growing businesses by driving customer engagement built on strong technology platforms. Under his leadership, PayPal solidified its lead as the global online payment service, expanding its user base from 50 million to more than 104 million active users in 190 countries worldwide, increasing the number of merchant partners to more than 8 million globally, and growing revenues from $1.8 billion to $4+ billion in 2011.

As Kara Swisher points out, Thompson is a "genuine Internet geek" thus lending some credence to his appointment.

The company's flagging relevance in the modern technology environment is fairly unsurprising. Yahoo! has repeatedly failed to effectively modernize, and has squandered quite an opportunity with its ownership of photo network, Flickr. 

Although hiring someone with such a technical background is a notable positive, only time will tell if he has the ability to revive the aging relic, and succeed where so many others have failed.