Yahoo! Announced the decision of their Board of Directors in appointing Blake Jorgensen as CFO. Jorgensen takes over the position previously held by Susan decker for seven years. Susan Decker is now Head of advertising and publishing and is considered by many to step into Chairman Terry Semel's shoes.
Jorgensen joins Yahoo with a superb track record as one of the most brilliant dealmakers in Silicon Valley. Jorgensen who previously was co-Director at Thomas Weisel Partners Group Inc. boosted his firm's revenue with a 65% increase.
Yahoo! Chairman & CEO Terry Semel said, "Blake has a strong track record of building and running a successful investment banking franchise serving many clients in the Internet and technology industries. His broad financial, operating and strategic experience, which complements the deep financial expertise of our existing team, will make him a valuable addition to Yahoo!'s senior management. Blake will help Yahoo! continue to execute against our growth plan and identify emerging opportunities, as well as maintain our tradition of financial excellence and fiscal discipline."
Jorgensen said, "I couldn't be happier to be joining Yahoo! to help it achieve a new level of success as an Internet leader. And I'm excited about joining a finance team that, collectively, has such deep functional experience. I believe Yahoo! is well positioned to deliver value to shareholders — with unique audience, advertising and technology assets and a strong financial base — and the company is pursuing the right strategy to achieve its great potential. Yahoo! has made significant strides in recent months and I am looking forward to working closely with Terry and the rest of Yahoo!'s impressive management team to continue the company's progress as it aggressively executes against its growth strategy."
Jackson Securities analyst Brian Bolan says, "Any time a company picks an investment banker as its CFO, you have to think some deals might be in the offing. These guys are trained to do deals."
Jorgensen earned his Bachelor's degree with a major in Economics from Stanford University and his M. B. A. from Harvard Business School. Jorgensen will receive a $450,000 salary with incentives including 425,000 stock options, 125,000 shares of restricted stock among others. Jorgensen will report directly to Terry Semel.