Bouncing back from a hectic few months, former Yahoo CEO Scott Thompson has been named the new chief executive of US online shopping network ShopRunner.
The nearly two-year-old start-up gains Thompson two months after he stepped down from Yahoo amidst a resume scandal. Thompson joined the ShopRunner board of directors last year, during his tenure as president of eBay's PayPal feature.
Thompson will replace current CEO and co-founder Mike Golden, who will remain in his capacity as company president.
Early in ShopRunner's formation, when Golden introduced Thompson to the company idea, "he had an immediate understanding of the potential impact of ShopRunner for consumers and retailers," Golden said of his successor in a statement.
Going forward, ShopRunner is looking to expand to more merchants, as well as build in more benefits for members, including a faster, more convenient checkout process called PayRunner.
While PayPal and ShopRunner are fundamentally different businesses, Thompson said in a statement the similarities position him well to help bring billions of online and offline commerce revenue to the company, a press release said.
"Joining ShopRunner is a tremendous opportunity to build on the strong foundation that the company has already established," Thompson said in a statement.
Thompson grew PayPal's user base by 54 million active users in 190 countries, the release said. He also served as the payment site's senior vice president and chief technology officer, overseeing information, product development, and the company's architecture.
"Scott's deep understanding of online businesses combined with his team building, operational capabilities, and focus on product will allow ShopRunner to realize its ultimate potential," Michael Rubin, CEO of Kynetic, a majority shareholder of ShopRunner, said in a statement.
Thompson left Yahoo after it was disclosed that he lied about having a Bachelor's degree in accounting and computer science from Stonehill College in Easton, Massachusetts. He actually had an accounting degree.