Yahoo Names Ex-GE Veteran “Tim Morse” As New CFO
Yahoo! Inc., the leading second most U.S. Internet search engine, on Thursday named “Tim Morse,” a 15-year veteran of General Electric, and currently Altera Corp.'s chief financial officer as its finance chief, replacing the recently departed Blake Jorgensen, the latest move by the Internet company to rebuild itself in the image of its new chief executive.
Morse, who has worked at General Electric Co for 15 years, and was currently senior vice president and chief financial officer at Altera Corp., the Silicon Valley chip company.
Morse will start work at Yahoo on June 17 and take the CFO role on July 1, the Sunnyvale, California-based company said today in a statement. Morse will be reporting to CEO Carol Bartz, who has been reshuffling management and streamlining operations since she took over the helm of the company in January.
Morse, 40, will succeed Blake Jorgensen, who plans to join Levi Strauss & Co. as its finance chief on July 1.
“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.
Yahoo turned to Morse because of his ability to manipulate complex organizations, Chief Executive Officer Carol Bartz said. He is perhaps the most high-profile hire to date for Bartz; Yahoo announced Jorgensen's departure as part of a management shakeup in February, about a month after Bartz took over as CEO but has kept him on the job while she searched for his replacement. She has closed businesses, such as Yahoo's travel service FareChase and the storage site Briefcase.
Bernstein Research analyst Jeffrey Lindsay said the appointment of Morse suggested that Bartz wanted someone to focus on “no-frills financial management,” run a tight ship and get into the nuts and bolts of reducing operating expenses.
“The difference was, I think, Blake Jorgensen had come from the investment banking side. He was much more of the strategy and the big picture,” said Lindsay.
“This guy is going to bring a whole bunch of big mature company processes and procedures with him, and would be able to sort a lot of stuff out at Yahoo that has been a bit loose and lackadaisical if you will,” he said.
Morse, will receive an annual salary of $500,000, subject to annual review, and a sign-on bonus of $500,000. He has a target bonus of 100 percent of his base salary, of which 70 percent will be based on company performance and 30 percent on individual performance, Yahoo said in a regulatory filing.
Altera, based in San Jose, California, specializes in programmable chips for communications, industrial, and consumer applications, said a search for Morse's replacement is under way -- appointed James Callas, currently vice president of finance and corporate controller, as acting CFO.
Prior to joining Altera, Morse served as finance chief at General Electric Plastics during his 15-year career at the company. He has a bachelor’s degree in finance from Boston College.
Bartz is slowly filling out her roster of lieutenants, recently hired chief marketing officer Elisa Steele into the fold in February amid a significant reorganization. Yahoo is still searching for a head of international operations after hiring Jeff Russakow in April as the head of a new customer advocacy group created by Bartz.
Shares of Yahoo edged higher to $16.26 in extended trading, from their close of $16.19.
AIG appoints new CEO for United Guaranty
American International Group has appointed Eric Martinez, Jr, as the new CEO of United Guaranty, a provider of mortgage guaranty insurance based in Greensboro, North Carolina. He succeeds William Nutt, who has left the company.
Mr Martinez has worked with American International Group (AIG) since January 2009 in a variety of positions, including a leadership role at AIG Global Real Estate.
Prior to joining AIG, Mr Martinez was executive vice president of claims, customer care and business operations for Safeco in Seattle, Washington.
Paula Reynolds, vice chairman and chief restructuring officer of AIG, said: "Eric is a very talented executive and well suited to the task ahead. He has successfully realigned organizations to meet new challenges and I am confident that he will make significant progress in setting a successful strategy for United Guaranty."
ADAidm names new Chief Executive Officer
SALT LAKE CITY,
ADA Intelligent Dental Marketing has named Trajan King to be the new Chief Executive Officer. ADA Intelligent Dental Marketing is the joint venture between ADA Business Enterprises, Inc., a wholly-owned subsidiary of the American Dental Association, and Intelligent Dental Marketing. Mr. King was previously the Chief Operations Officer of ADAidm."
GM names new CEO
Washington - US automaker General Motors announced early Monday that it had named Fritz Henderson as its new chief executive officer, replacing departing Rick Wagoner.
"Fritz Henderson, GM president and chief operating officer, will serve as CEO," the automaker said in a short announcement.
Henderson, 50, was named to his current position in 2008. He was previously vice chairman and chief financial officer.
Key Energy Services Appoints New Senior VP, CFO
Key Energy Services announced that T.M. "Trey" Whichard, III has been hired as Senior Vice President and Chief Financial Officer.
Previously, Mr. Whichard was an officer with BJ Services Company serving in various financial capacities since 1989, including Treasurer and Tax Director and most recently as Vice President and Chief Financial Officer from 2002 until the beginning of 2006.
Commenting on the appointment of Mr. Whichard, Dick Alario, Chairman and Chief Executive Officer, said, "I am pleased that we are in a position to have a seasoned, strategic Chief Financial Officer join Key. I think Trey's experience and leadership will be instrumental in taking Key to the next level."
Mr. Whichard received a BBA in Accounting from Sam Houston State University in 1981.
Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, pressure pumping, fishing and rental tools, electric wireline and other oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina and Mexico.
BBC announces new HR leader
The BBC has appointed Lucy Adams, currently HR director at law firm Eversheds, to lead HR at the corporation.
Adams will take over as director, BBC People, on 1 June, stepping into the shoes of Stephen Kelly, who left to join Logica at the beginning of the year. She will lead a 475-strong HR team, also taking responsibility for the BBC’s outsourced HR services and sitting on the BBC executive board.
The move is her second within a year, having joined Eversheds in May 2008. Before that she was HR director at Serco Group, where she worked for nine years.
Announcing the appointment, BBC director-general Mark Thompson said: “The BBC can only achieve its goals of serving audiences through a strong, creative and well-motivated workforce. I believe Adams has the energy, vision and the right experience to help us achieve this.”
Adams added: “The BBC is a unique organisation. Its staff create output and services that are hugely valued by countless millions around the world. It is a privilege to join the BBC and make a contribution to the challenging climate ahead.”
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