Yahoo’s has named Portuguese born tech executive, Henrique de Castro, 47, as its new chief operating officer.
De Castro, who was Google’s vice president of partner business solutions, was hired to help oversee Yahoo’s turnaround bid.
He will join Marissa Mayer, a Google veteran who has served as Yahoo’s CEO since July.
In a news release statement, Mayer said that she was thrilled to have De Castro on board, and particularly highlighted his advertising success.
“His operational experience in Internet advertising and his proven success in structuring and scaling global organizations make him the perfect fit for Yahoo! as we propel the business to its next phase of growth,” said Mayer.
De Castro will join Yahoo in late January 2013, after finishing his commitments at Google where he is the lead of the company’s worldwide Partner Business Solutions group since 2006. He has also worked at Dell and McKinsey & Company.
“His operational experience in Internet advertising and his proven success in structuring and scaling global organizations make him the perfect fit,” according to Mayer’s statement.
“The combination of Yahoo!’s unique properties with high quality content, its renewed focus on outstanding user experience and its massive reach bring tremendous value to users, advertisers and partners,” said De Castro in the statement. “This is a pivotal point in Yahoo!’s history, and I believe stronglyin the opportunity ahead,” he added.
Reportedly, De Castro will earn a $600,000 annual base salary, in addition to $36 million in stock grants and a $1 million golden hello just for agreeing to make the move.
Yahoo shares gained 1.5 percent to $15.92 at the close in New York. The stock has declined 1.3 percent this year. Read more >>