Mayer appoints new Yahoo CFO
Marissa Mayer has replaced former interm CEO Tim Morse with new CFO Ken Goldman at Yahoo, as she begins her turnaround of the struggling company.
Goldman, a Silicon Valley veteran, will be responsible for Yahoo's global finance functions including financial planning and analysis, controllership, tax, treasury, and investor relations, reporting directly to Mayer effective of October 22.
The announcement follows speculation Mayer was set to unveil her business blueprint to Yahoo executives as she tries to raise employee morale and investor cash.
"Ken is one of the most accomplished and respected financial executives in the technology industry having served as a CFO for more than 25 years, and we're thrilled to have him join Yahoo," Mayer says.
"His track record leading the financial strategy and stewardship of many successful public and private companies makes him an ideal choice for Yahoo! as we enter our next phase of growth."
Goldman brings over 30 years of experience in financial, operational and business management, joining the company from Fortinet, a provider of threat management technologies, where he served as CFO.
Prior to Fortinet, Goldman spent nearly six years as senior vice president of finance and administration and CFO of Siebel Systems, until the company's acquisition by Oracle Corp. in January 2006.
"Yahoo is an iconic brand with an incredibly strong business model and balance sheet," Goldman says.
"I believe there is a lot of runway ahead for this business, and I look forward to working with Marissa and the rest of the executive team as we define Yahoo's future."
Goldman succeeds Yahoo CFO Tim Morse, who has been with the company since June 2009, with the former interim CEO expected to leave the company later this year.
"Tim has been a trusted leader for Yahoo over the past three years and has expertly guided the company through some key periods as well as our most important strategic deals," Mayer says.
"I've personally relied on Tim's knowledge and leadership in my first few months at Yahoo.
"I know I speak for everyone in wishing him the best."