News / Business
Yahoo! Inc (NASDAQ: YHOO) Appoints Altera's Tim Morse as New CFO
Yahoo! Inc. (NASDAQ: YHOO) named Tim Morse their new Chief Financial Officer on Thursday, snagging him from one of
Morse served as CFO of Altera Corp. (NASDAQ: ALTR), a chip manufacturing company in
Yahoo selected Morse, 40, after a 3 1/2-month search to replace its current CFO Blake Jorgensen, who announced his plans to leave a few weeks after the company hired Carol Bartz as its new Chief Executive Officer. Bartz replaced co-founder Jerry Yang.
Jorgensen was offered a $1.8 million severance package when he left Yahoo at the end of the month. He is set to become CFO of jeans company Levi Strauss & Co., effective July 1.
Morse will start at Yahoo with a $500,000 salary, a raise from the $375,000 he earned at Altera. Yahoo also is paying him a $500,000 signing bonus, 400,000 shares of stock options and 150,000 shares of restricted stock.
Yahoo's stock price rose slightly in after-hours trading following the announcement of Morse's hiring to $16.20.
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