Scott ThompsonYahoo on Wednesday indicated its ready to get back into the fight for Web supremacy by appointing former PayPal president, Scott Thompson, as its new CEO. Thompson will assume command effective January 9, where his first act of duty will be to address concerns over the brand’s fading presence against powerhouses like Google and Facebook. Previously at PayPal, Thompson doubled the user base, growing the service into one of eBay‘s most prominent revenue sources.

Thompson takes over from interim CEO, Tim Morse, who will reassume duties as CFO. “Thompson has a successful track record at PayPal,” said Jim Friedland, an analyst at research firm Cowen and Co. “However, PayPal benefits from multi-year growth in online payments while Yahoo faces multiple industry headwinds.”

Yahoo’s prominence in the Internet space has fallen due to the growing popularity of Google and Facebook, among others. Users are spending more time than ever on the social network, while Google has become a strong contender in selling online graphical and video ads – something Yahoo formerly excelled at. Still, Yahoo garners plenty of traffic, particularly through its home page, Yahoo Mail, sports, news and entertainment-content portals.

The Sunnyvale-based Internet destination has prominently featured in the news recently because of multiple buyout bid offers. With the appointment of Mr. Thompson, it seems, at least for now, as though the company has no intention of selling, instead looking to Mr. Thompson to lead them back into the promised land.

[The Wall Street Journal]