Online real estate marketplace Auction.com has hired Tim Morse, former Yahoo! Inc. chief financial officer (CFO), as the company's new CEO.
Morse joined Auction.com as CFO in May of last year. Jeff Frieden, Auction.com's previous CEO and co-founder, will remain engaged with the company as its executive chairman.
Prior to working at Yahoo!, Morse was CFO at Adap.tv, an online advertising startup, CFO at Altera Corp., a San Jose, Calif.-based maker of programmable logic semiconductors, and CFO and general manager of business development at GE Plastics.
‘As our company has grown and evolved, I began looking for someone with experience running a larger, public company – someone who understands technology, can work with the capital markets, and who has the operational expertise to take our vision and execute it on a global scale,’ Frieden says.
‘I think Tim is the perfect person to take the company to the next level, and his leadership will help Auction.com expand our ongoing efforts to transform how real estate is bought and sold,’ Frieden adds.
Auction.com has begun to shift its business model from selling distressed assets to selling more traditional, non-distressed properties – especially in the commercial real estate market.