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Updated from 4:47 p.m. ET to include latest share prices and comments from Google CEO Larry Page.



) -



has named



executive Marissa Mayer as its new CEO.

Mayer, who was employee no. 20 at the search giant, has served in a number of roles at Google, most recently overseeing the company's Location, Maps and Local services.

Marissa Mayer

"I am honored and delighted to lead Yahoo!, one of the internet's premier destinations for more than 700 million users," she said, in a statement released by Yahoo!. "I look forward to working with the Company's dedicated employees to bring innovative products, content, and personalized experiences to users and advertisers all around the world."

In a statement, Google CEO Larry Page said that Mayer's talents will be missed in Mountain View, Calif. "Since arriving at Google just over 13 years ago as employee #20, Marissa has been a tireless champion of our users," he explained. "She contributed to the development of our Search, Geo, and Local products as well as many other product areas."

Mayer joins a small group of female Silicon Valley CEOs, which includes



Ginni Rometty, and Meg Whitman of




Yahoo! shares rose 2.27% to $16 in extended trading on Monday. Google's stock was flat at $574.92.


will be live-blogging Yahoo!'s second-quarter results, starting at 3.45 PM ET on Tuesday:


Written by James Rogers in New York.

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