Auction.com has named Tim Morse as CFO and executive vice president.
The former Yahoo! Inc. (NASDAQ: YHOO
) chief financial officer and interim chief executive officer will now oversee the financial operations and growth strategies of the nation's leading online real estate marketplace from its Silicon Valley office. Morse will work closely with outgoing CFO Bruce Felt until his departure in June.
Morse joins the company just weeks after it announced a $50 million investment from Google Capital in a strategic partnership focused on expanding the company's share in the global real estate marketplace. Last year alone saw more than $7 billion in commercial and residential real estate trade through Auction.com's online marketplace. Currently at 900 employees, the firm has sold nearly $20 billion in assets since 2010.
"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," said Jeff Frieden, Auction.com co-founder and CEO. "We will rely heavily on his leadership as we expand our ongoing efforts to transform how real estate is bought and sold."
After leaving Yahoo! in the fall of 2012, Morse joined online advertising start-up Adap.tv, leading IP efforts to near conclusion before the fast-growing tech company was acquired by AOL, Inc. (NYSE: AOL
). Before that, Morse held numerous financial leadership positions within the General Electric Company, most recently as CFO and general manager of business development for GE Plastics, following value-creation initiatives for GE Capital and GE Corporate. Morse left GE in 2007 to become CFO for the Altera Corporation (NASDAQ: ALTR
Morse holds a degree in finance and operations and strategic management from Boston College.
"Auction.com is a game-changer for both the real estate industry and e-commerce," said Morse. "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."