Updated with confirmation from Yahoo! that Scott Thompson has been named CEO.SUNNYVALE, Calif. ( TheStreet) -- Yahoo!'s ( YHOO) appointment of PayPal President Scott Thompson is a smart move. Thompson's name surfaced unexpectedly this week in a report by the AllThingsD Web site, which cited unnamed sources. Thompson's appointment makes good sense at a tough time for the Internet giant, which confirmed the appointment shortly before the stock market open. Thompson has an impressive track record at PayPal, which now accounts for around 50% of eBay's ( EBAY) overall revenue. PayPal, which posted its first billion-dollar quarter last year, is expected to contribute $7 billion to eBay's revenue by 2013. The relatively low profile that Thompson has kept will also work in his favor, particularly when compared to his flamboyant yet often polarizing predecessor, Carol Bartz, who was ousted last year.
|PayPal President Scott Thompson has been appointed CEO of Yahoo!|