Mountainview, CA, United States (AHN) – Former PayPal boss Scott Thompson has been named as the new chief executive of Internet search engine giant Yahoo.

Thompson will replace Carol Bartz, who had been sacked by the group four months ago for failing to turn the firm around.

A company statement said that Thompson, along with its board, would focus on company’s core business and try to identify the best approach for company as well as for its shareholders.

“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,” chairman Roy Bostock said in a statement.

“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,” he added.

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