* Altera CFO Tim Morse becomes Yahoo CFO
* Analysts see Yahoo tightening financial controls
(Adds analyst comment, salary details, previous NEW YORK)
SAN FRANCISCO, June 11 Yahoo Inc (YHOO.O) on
Thursday named Altera Corp's ALTR.O chief financial officer
as its finance chief, the latest move by the Internet company
to rebuild itself in the image of its new chief executive.
Tim Morse -- who also worked at General Electric Co (GE.N)
for 15 years -- will succeed Blake Jorgensen as CFO, reporting
to CEO Carol Bartz, who has been reshuffling management and
streamlining operations since she took over the helm of the
company in January.
Bernstein Research analyst Jeffrey Lindsay said the hiring
of Morse suggested that Bartz wanted someone to focus on
"no-frills financial management," run a tight ship and get into
the nuts and bolts of reducing operating expenses.
"The difference was, I think, Blake Jorgensen had come from
the investment banking side. He was much more of the strategy
and the big picture," said Lindsay.
"This guy is going to bring a whole bunch of big mature
company processes and procedures with him, and likely to sort a
lot of stuff out at Yahoo that's been a bit loose and
lackadaisical if you will," he said.
Since replacing Jerry Yang as CEO, Bartz has moved quickly
to replace executives and cut costs -- including 675 jobs or 5
percent of the workforce -- in a bid to turn around Yahoo,
whose growth has lagged Google Inc (GOOG.O) in recent years.
Jorgensen's departure was announced in February, as Bartz
unveiled a broad reorganization plan designed to dismantle what
she called the "silos" that had slowed down the Internet
Morse will start work on June 17 and assume the
responsibilities of CFO on July 1, Yahoo said.
He will receive a base salary of $500,000, subject to
annual review, and a sign-on bonus of $500,000. He has a target
bonus of 100 percent of his base salary, of which 70 percent
will be based on company performance and 30 percent on
individual performance, according to a regulatory filing.
Altera -- which specializes in programmable chips for
communications, industrial, and consumer applications --
appointed James Callas, currently vice president of finance and
corporate controller, as acting CFO.
Shares of Yahoo edged higher to $16.26 in extended trading,
from their close of $16.19.
(Reporting by Alexei Oreskovic and Tiffany Wu; Editing by