John Paczkowski

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Altera's Tim Morse Tapped as Yahoo CFO

tim-morse

Looks like Yahoo has found its new CFO. This afternoon, the company said that Tim Morse will take charge of its finances. Morse, who has served as chief financial officer for chip maker Altera (ALTR) since 2007 and spent 15 years at GE (GE) before that, will start work on June 17 and assume CFO responsibilities on July 1.

Welcome news, since Yahoo has been looking to fill the position since Blake Jorgensen said he would step down from the Silicon Valley-based company last February.

What did it take to bring Morse to Yahoo? According to an SEC filing, a $500,000 signing bonus, a base salary of $500,000, an option to purchase 400,000 shares of Yahoo stock, and 150,000 shares of restricted stock.

The appointment of Morse is yet another for Yahoo CEO Carol Bartz, who has tended to pick her top execs from a more business-focused sector than one focused on the consumer Internet, which is Yahoo’s arena.

Here is the official press release:

Morse Appointed Chief Financial Officer of Yahoo!

SUNNYVALE, Calif.–(Business Wire) Yahoo! Inc. (Nasdaq:YHOO) announced today that the Board of Directors has appointed Tim Morse as chief financial officer. Reporting directly to Carol Bartz, the chief executive officer of Yahoo!, Morse will be responsible for the company’s finance, investor relations, and mergers and acquisitions groups. He will commence employment on June 17, 2009 and will assume the responsibilities of CFO on July 1, 2009.

“Tim has a proven ability to translate strategy into structure, process, and execution, and I am delighted that he will be joining my leadership team to help drive Yahoo!’s growth,” said Bartz. “With his passion for operational finance, global experience, and expertise simplifying complex organizations and managing growth, Tim is a natural fit for Yahoo!.”

Morse has financial experience in both large and small organizations, managing in complex, fast-paced environments and establishing scalable, cost-effective processes and controls. Prior to joining Yahoo!, he was the CFO of Altera Corporation, a semiconductor company specializing in programmable logic devices for communications, industrial, and consumer applications. Morse previously served as the CFO and general manager of business development for General Electric Plastics. A 15 year veteran of GE, he also held a variety of positions at GE Plastics, GE Appliances and GE Capital in North America, Europe and Asia.

“Yahoo! is an amazing brand with a unique combination of assets, and I am extremely excited to be joining a finance team with a deep commitment to financial excellence and fiscal discipline,” said Morse. “I look forward to working with the entire leadership team to continue to focus on driving results and creating value for our shareholders.”

Morse holds a bachelor’s degree in finance and operations and strategic management from the Boston College Carroll School of Management.


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Another gadget you don’t really need. Will not work once you get it home. New model out in 4 weeks. Battery life is too short to be of any use.

— From the fact sheet for a fake product entitled Useless Plasticbox 1.2 (an actual empty plastic box) placed in L.A.-area Best Buy stores by an artist called Plastic Jesus