PayPal has been rocked by the sudden departure of its president Scott Thompson, who has quit to become CEO at Yahoo! John Donahoe, CEO of parent company eBay, has been named as interim president.
Writing on the company blog, Donahoe says: "Scott informed me Tuesday afternoon, saying that despite his passion for PayPal, this was an opportunity he felt he had to take. I know I speak for everyone in wishing Scott the best."
He adds: "While I’m sure Scott’s decision is a shock to many of you, as it was to me, there is one thing I am certain of: PayPal has an enormous opportunity in front of it and we will not slow down. We will not miss a beat. And we will continue driving the incredible momentum that each of you has helped to create."
Thompson became president of PayPal in 2008, after serving as CTO in charge of information technology, product development and architecture. "Scott brings to Yahoo! a proven record of building on a solid foundation of existing assets and resources to reignite innovation and drive growth, precisely the formula we need at Yahoo!" comments Roy Bostock, chairman of the Yahoo! Board. "His deep understanding of online businesses combined with his team building and operational capabilities will restore the energy, focus, and momentum necessary to grow the core business and deliver increased value for our shareholders. The search committee and the entire Board concluded that he is the right leader to return the core business to a path of robust growth and industry-leading innovation."
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