Tim Morse to be new Yahoo! CFO

Yahoo! has appointed Tim Morse as its chief financial officer with effect from July 1, ending more than three months of search.

Yahoo!'s current CFO, Blake Jorgensen announced his plans to leave the firm in February, just weeks after Carol Bartz took over the reins of the internet entity.

". . . the board of directors has appointed Tim Morse as chief financial officer. . . Morse will be responsible for the company's finance, investor relations, and mergers and acquisitions groups.

"He will commence employment on June 17, 2009 and will assume the responsibilities of CFO on July 1, 2009," Yahoo! said.

Morse would be paid a salary of $500,000 and a 'sign-on bonus' of $500,000, according to Yahoo!'s regulatory filing with the Securities and Exchange Commission.

"He will receive a base salary at an annual rate of $500,000, subject to annual review, and will be eligible to participate in the Company's Executive Incentive Plan, with a target bonus of 100 per cent of his base salary," the filing said.

In addition to a sign-on bonus of $500,000, Morse would also get 400,000 shares of stock option and 150,000 restricted stock units.