Yahoo has named Google veteran Marissa Mayer as its new chief executive officer.
The company said that Mayer would be taking over the chief executive role effective 17 July, filling a void opened by Scott Thompson's May departure.
Mayer, who has been a key figure at Google for more than a decade, had most recently been charged with running a division which included Google Maps and Street View. Yahoo said that the appointment was part of an ongoing effort by Google to rebuild its business around its web applications and portals.
"I am honoured and delighted to lead Yahoo, one of the internet's premier destinations for more than 700 million users," Mayer said in a statement.
"I look forward to working with the company's dedicated employees to bring innovative products, content, and personalised experiences to users and advertisers all around the world."
Mayer will be the latest entrant in what has been a tumultuous search by Yahoo for stability and strong leadership in its chief executive position.
Beginning in 2010, the company has seen a string of turbulent reigns which has included the inglorious exits of Jerry Yang, Carol Bartz and most recently Thompson, who left amid accusation of providing fraudulent background information.
"The board of directors unanimously agreed that Marissa's unparalleled track record in technology, design, and product execution makes her the right leader for Yahoo at this time of enormous opportunity," said Yahoo chairman Fred Amoroso.
Analysts, however, are skeptical that Mayer is the right person to lead Yahoo's turnaround. Forrester analyst Shar VanBoskirk said that Mayer's focus on product engineering was a bad fit for a company in need of a larger strategic overhaul.
"Yahoo's fundamental problem is that it has too many disparate products with no clear unifying thread that ties them all together," VanVoskirk said in a blog post.
"And Mayer's background is in product development... not corporate strategy, not marketing, not brand definition... the areas where Yahoo has the most critical need."