Yahoo Names PayPal Executive New CEO

(REUTERS) -- Yahoo Inc. said on Wednesday it has appointed Scott Thompson as its chief executive, effective from January 9, replacing interim CEO Tim Morse who will resume his role as chief financial officer.

Thompson, who was previously president of PayPal, a unit of eBay Inc, will also join Yahoo's board.

Yahoo Chairman Roy Bostock said Thompson's primary focus will be on the core business as the company continues its strategic review process. Yahoo has been in discussions about selling off its Asian assets for some weeks.

Yahoo will hold a conference call at 10 am EST (1500 GMT) for investors to discuss the news.

(Reporting By Yinka Adegoke; Editing by Gerald E. McCormick)