Yahoo announced Tuesday it has hired Blake Jorgensen, co-founder of boutique investment bank Thomas Weisel Partners, as its new chief financial officer.
Jorgensen's "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," CEO Terry Semel said in a statement.
While at Thomas Weisel, Jorgensen served as chief operating officer as well as co-director of investment banking. Prior to Thomas Weisel, he served as managing director of corporate finance at Montgomery Securities.
Jorgensen said he is looking forward to joining a finance team that has "deep functional experience."
His experience includes assessing companies' financials to take them public as well as evaluating them for acquisitions from either the buyers' or sellers' perspective.
"The CFO's role these days, especially at larger firms, is more than just running the numbers," said Jeetil Patel, an analyst with Deutsche Bank North America. "It's about looking at the underlying returns you get on your different businesses and the acquisitions you've made. His background at an investment bank fits well with the financial side, as well as the strategic side."
"The position of CFO is always involved in a lot of mergers and acquisitions and (Jorgensen's) hiring says we can expect more of the same," said Denise Garcia, an analyst with A.G. Edwards & Sons.
"My concern is that they have not hired someone to fill the audiences role...and arguably that is one of its most important parts of the business," Garcia said. "Yahoo has more repeat visitors than any of the other sites and a strong relationship with their audience. With no one in charge of it, my concern is their strength there could weaken."
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