Yahoo Hires Google Exec As EVP

Yahoo Inc. YHOO +0.32% on Monday said that it has hired advertising veteran Michael Barrett as Executive Vice President and Chief Revenue Officer responsible for its advertising revenue and operations globally.

Barrett joins Yahoo from Google, where he led integration efforts after Google acquired Admeld Inc., a digital advertising company, in December 2011. He assumes his new role in early July. The Internet giant has been facing increasing competition in its search and digital advertising businesses from rivals Google and Facebook Inc.

Yahoo shares were down 0.3% at the open.according to MarketWatch.