SUNNYVALE, Calif. — Yahoo named Scott Thompson as its new CEO and member of its board of directors Wednesday, effective Jan. 9.

Thompson served as president of PayPal, a unit of eBay.

Interim CEO Tim Morse will resume his duties as chief financial officer of the Sunnyvale, Calif.-based internet firm.

Yahoo chairman Roy Bostock said that Thompson brings a “proven record of building on a solid foundation of existing assets and resources to reignite innovation and drive growth, precisely the formula we need.”

Thompson said Yahoo is an “industry icon” with a “solid foundation to build on.”

Yahoo added that a strategic review process of its business will continue.

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