The ailing online giant Yahoo has hired Google executive Henrique de Castro as its chief operating officer (COO), it was revealed today.
In a statement posted on its website, Yahoo said de Castro, who is due to join in January, will oversee global sales, operations, media and business development.
This is the third high profile hire for the struggling firm. Earlier this year, it appointed former Google executive Marissa Mayer as its chief executive, as well as Kathy Savitt, a former Amazon.com executive, as its chief marketing officer.
Mayer praised the appointment of de Castro saying "his operational experience in internet advertising and his proven success in structuring and scaling global organizations make him the perfect fit for Yahoo."
"Henrique is an incredibly accomplished and rigorous business leader, and I'm personally excited to have him join Yahoo's strong leadership team," she said.
Most recently, he was vice president of Google's worldwide Partner Business Solutions group, where he was responsible for advertising platforms and services for Google's publisher and commerce partners.
"This is a pivotal point in Yahoo's history, and I believe strongly in the opportunity ahead," said de Castro.
Yahoo became one of the world's most-visited online properties, after pioneering Internet search and email.
It has struggled in the face of stiff competition from rivals Google and Facebook and revenue has declined in recent years. Yahoo's share of US online advertising revenues fell to 9.5 per cent last year, down from 15.7 per cent in 2009.
The growing list of high profile recruits from successful websites maybe in a bid to rebuild itself after falling behind its rivals.
According to Yahoo's filing with the US Securities and Exchange Commission, De Castro will be paid an annual salary of $600,000 (£373,000). He will also be eligible for an annual bonus of up to 90 per cent of that amount.
He will also receive a cash bonus of $1 million (£622,000) within one week of joining Yahoo and will be given restricted stock units and performance-based stock options totalling $56 million (£35 million) over four years.