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Yahoo! Appoints PayPal Prez Scott Thompson as New CEO

Scott Thompson, president of PayPal, has been appointed as the new chief of US internet firm Yahoo! The struggling firm dismissed chief executive Carol Bartz in the month of September as she was not successful in turning the company's fortune around.

Now, the new chief will be working on the examining Yahoo's future prospects as various reports claim that Alibaba, a Chinese group, and private equity firms are planning to make a takeover bid for the US web company.

The once internet giant could not keep up with its rivals like Facebook, Apple and Google and suffered a lot in terms of revenue and income decline due to which the company fired Bartz just after two years and took four months before selecting a new chief, reported The Independent.

The newly appointed chief of Yahoo was president of eBay's online payment division PayPal and has served as chief information officer at Barclays Global Investors. As PayPal president, Thompson focused on details and gave a huge boost to mobile payment mode due to which the firm has a user base of above 100 million.

Yahoo's chairman, Roy Bostock, said that the new chief will be helping Yahoo to go ahead with its "strategic review process and includes "specific investments or dispositions of assets."