Yahoo! Inc. (YHOO), owner of the most popular U.S. Internet portal, put Chief Financial Officer Tim Morse on the board of Alibaba Group Holding Ltd (ALIBABZ).
Morse took the position that was vacated by Jerry Yang when he stepped down in January, Dana Lengkeek, a spokeswoman for Yahoo, said today. She declined to specify when Morse occupied the role, and John Spelich, a Hong Kong-based Alibaba spokesman, referred questions to Yahoo.
Yang left Yahoo’s board as well as those of Alibaba and Yahoo Japan Corp. in January amid investor criticism as the U.S. company failed to find a buyer or negotiate a sale of stakes in its Asian assets worth more than $10 billion. Yahoo owns about 40 percent of closely-held Alibaba Group, China’s biggest e- commerce company.
That gives Yahoo two seats on Alibaba’s board, while the company traditionally only fills one, Lengkeek said.
Morse had served as Yahoo’s interim chief executive officer after the September ouster of Carol Bartz, until Scott Thompson was hired for the role in January.
Yahoo is in “discussions regarding the possibility of restructuring our holdings in Alibaba Group and Yahoo Japan,” the U.S. company said in its annual report filed Feb. 29.
To contact Bloomberg News staff for this story: Edmond Lococo in Beijing at firstname.lastname@example.org; Brian Womack in San Francisco at email@example.com; Mark Lee in Hong Kong at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Tighe at email@example.com