Today, Yahoo's top-ranking executives reportedly met to discuss how to right the struggling Internet company. The news that Silicon Valley veteran Ken Goldman has been appointed as the company's new chief financial officer likely overshadowed that meeting.
According to Yahoo, Goldman will be responsible for global finance functions including financial planning and analysis, controllership, tax, treasury, and investor relations.
This is the first time that Goldman, an investor, board member, and executive, has joined a publicly traded company since the 1990s. "Yahoo is an iconic brand with an incredibly strong business model and balance sheet," he said in a statement.
He will leave his current job as the CFO of Fortinet, a threat management technology company. Prior to that, he served as the senior vice president of finance and administration and CFO of Siebel Systems, which Oracle acquired in 2006. Goldman has a strong Silicon Valley presence and has served as a director on several public and private sector boards. He has also been an investor in a number of venture funds.
"Ken is one of the most accomplished and respected financial executives in the technology industry having served as a CFO for more than 25 years, and we're thrilled to have him join Yahoo!," said Mayer in a statement.
"His track record leading the financial strategy and stewardship of many successful public and private companies makes him an ideal choice for Yahoo! as we enter our next phase of growth," she added.
Goldman succeeds Yahoo CFO Tim Morse, who joined the company in June 2009. Morse will leave the company later this fall. Yahoo has not disclosed the reasons for Morse's departure.
"Tim has been a trusted leader for Yahoo over the past three years and has expertly guided the company through some key periods as well as our most important strategic deals," said Mayer.
This is the second major hire in recent weeks. Last month, Mayer hired a long-time friend Kathy Savitt as the company's new CMO. Reports subsequently surfaced that Yahoo's previous CMO, Mollie Spillman, was replaced while on vacation.