Yahoo! Inc. said Marissa Mayer will become chief executive officer, appointing a vice president from competitor Google Inc. to stem user defections and market-share losses that have fueled three straight years of revenue declines at the biggest U.S. Web portal.
Mayer will take over tomorrow from interim CEO Ross Levinsohn, who has led the Sunnyvale, California-based company since May, when Scott Thompson resigned over inaccuracies in his academic record. Shares of Yahoo rose in extended trading after the company made the announcement today in a statement.