IRVINE, CA—Auction.com has hired Tim Morse as CFO and EVP. Morse was formerly CFO and interim CEO of Yahoo! Inc.
Morse will oversee Auction.com’s financial operations and growth strategies from the company’s Silicon Valley office. To facilitate a seamless transition, he is working closely with outgoing CFO Bruce Felt, who will depart in June.
According to Jeff Frieden, Auction.com’s CEO and co-founder, “As we position ourselves for a new phase of growth, Tim’s expertise and experience with fast-growing technology companies are important additions to the Auction.com management team. We will rely heavily on his leadership as we expand our ongoing efforts to transform how real estate is bought and sold.”
Morse comments that his new employer is “a game-changer for both the real estate industry and e-commerce. Real estate represents the largest financial transactions that most businesses and individuals will make. It’s truly exciting to help make that process more fair and equitable.”
Morse has helped numerous technology companies—from start-ups to industry powerhouses—implement strategies that support sustainable growth. After leaving Yahoo! in the fall of 2012, he joined online advertising start-up Adap.tv, where he led IPO efforts to near conclusion. Just before going public, the fast-growing tech company was acquired by AOL Inc.
For 15 years, Morse held numerous positions of progressively greater financial leadership with the General Electric Co., driving value-creation initiatives for GE Capital, Geo Corporate, GEO Appliances and GE Plastics, and in July 2005 he was named CFO and general manager of business development for GE Plastics. He left GE in 2007 to become CFO for the Altera Corp., a San Jose-based maker of programmable logic semiconductors.”
Morse’s appointment at Auction.com comes weeks after the firm announced a $50-million investment from Google Capital, part of a strategic partnership that is focused on expanding Auction.com’s share of the global real estate market. As GlobeSt.com reported, at the time president Jake Seid told us, “I think the investment really validates our vision for using the Internet to transact real estate. We focus on making the process more transparent for the buyer, seller and broker. For Google Capital, their mission is to invest in late-stage businesses that are fundamentally transforming large markets, and we were their bet in real estate.”
Morse joins in Auction.com’s Belmont, CA, office Paul Weiskopf, a veteran Silicon Valley corporate strategist, who was recently named SVP of corporate development, as GlobeSt.com reported in February. For 20 years, Weiskopf has designed corporate strategies, executed mergers and acquisitions and managed strategic alliances for some of the world’s top technology companies.
GlobeSt.com will continue to update this story as more information becomes available.