Yahoo Inc. said late Thursday that Tim Morse, the former chief financial officer of chip maker Altera Corp., will become its new chief financial officer.

Morse will be responsible for Yahoo's finance, investor relations, and mergers and acquisitions groups. He replaces Blake Jorgensen, who resigned in February, and was with Yahoo since June 2007, when founder Jerry Yang took over again as CEO.

He will start with the company on Wednesday and assume the responsibilities of CFO on July 1.

Morse was formerly a CFO at Altera, a semiconductor company, and also worked at General Electric for 15 years.

Tim has a proven ability to translate strategy into structure, process, and execution, and I am delighted that he will be joining my leadership team to help drive Yahoo's growth, Ms. Bartz said in statement.

With his passion for operational finance, global experience, and expertise simplifying complex organizations and managing growth, Tim is a natural fit for Yahoo, she added.

Jorgensen received $1.8 million in severance from Yahoo upon his departure, which was three times than his salary.