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Yahoo! Hires Fortinet's Goldman as New CFO

NEW YORK ( TheStreet) - Yahoo! (YHOO - Get Report) CFO Tim Morse is leaving the company, to be replaced by Fortinet (FTNT - Get Report) financial chief Ken Goldman, according to a statement released after market close on Tuesday.

The Internet giant said that Goldman will assume the CFO role at Yahoo! on Oct.22, reporting directly to CEO Marissa Mayer.

Before joining security specialist Fortinet, Goldman spent nearly six years as senior vice president of finance and administration and CFO of Siebel Systems, until the company's acquisition by Oracle (ORCL) in 2006.

Morse, who joined Yahoo! in June 2009 and served as the firm's interim CEO last year, will leave the company later this fall.

"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, in the company's statement.

Earlier on Tuesday, Mayer had reportedly discussed Yahoo!'s strategy at an employee meeting, detailing plans to bring back advertisers and expand the firm's user base, according to Reuters.

The Sunnyvale, Calif.-based company recently confirmed that it's returning $3 billion to shareholders following the initial sale of its shares in Alibaba.

Yahoo! shares crept up 1.02% to $15.83 after market close after ending Tuesday's session down 2.03%.

Shares of Fortinet, which announced the delivery of its one millionth network security appliance on Tuesday, slipped 3.28% to $25 in extended trading.

-- Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

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