Yahoo! Hires Altera's CFO

Yahoo!(YHOO Quote) has named Tim Morse, chipmaker Altera's (ALTR Quote) former top bean counter, as its new finance chief.

Morse will start work Wednesday and assume the full CFO duties July 1, as the replacement for Blake Jorgensen. In February, Jorgensen became one of the first Yahoo! executives to get shuffled out as CEO Carol Bartz took over the top job at the Internet shop.

Prior to the two years Morse spent at Altera, he was CFO of General Electric's (GE Quote) Plastics division. He had logged 15 years at GE before taking the Altera job.

Morse comes to Yahoo! as the No. 2 Internet search player vacillates publicly over the possibilities of forming a partnership of some kind with Microsoft(MSFT Quote). A search advertising pact between Yahoo! and Microsoft is widely seen as one of the best approaches to fight Google's(GOOG Quote) dominance in the industry.

Yahoo! shares rose 4 cents to $16.23 in afterhours trading Thursday.