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Former Yahoo! CFO Named New CEO of Auction.com

Tim Morse

Tim Morse

Leading online real estate marketplace Auction.com has named its chief financial officer, Tim Morse, as CEO of the company while Auction.com co-founder Jeff Frieden will stay on with the company as executive chairman.

Morse, who holds a degree in finance and operations & management from Boston College, joined Auction.com in May 2014 and has been serving as the company's CFO. He has served as CFO for several companies, including Yahoo!, where he also served as interim CEO; online advertising start-up Adap.tv, which was acquired by AOL; Altera Corporation, a maker of programmable logic semiconductors based in San Jose; and GE Plastics, where he also served as general manager of business development. Morse held several positions of increasing responsibility during his 15 years with the General Electric Company. He has also been a member of the board of directors of Alibaba Group.

Since being founded in 2007, Irvine, California-based Auction.com has sold more than 165,000 residential and commercial properties totaling more than $30 million. The company has been growing steadily in the last eight years; in 2014 alone, more than 49,000 properties were sold through Auction.com's platform.

“I’m very proud of what we’ve accomplished, of the team we’ve put together, and of the pivotal role Auction.com has played in moving real estate transactions online,” Frieden said. “As our company has grown and evolved, I began looking for someone with experience running a larger, public company – someone who understands technology, can work with the capital markets, and who has the operational expertise to take our vision and execute it on a global scale. I think Tim is the perfect person to take the company to the next level, and his leadership will help Auction.com expand our ongoing efforts to transform how real estate is bought and sold."

In eight years, Auction.com's business model has transitioned from selling distressed properties to non-distressed. Nearly half of Auction.com's sales in the commercial real estate market are non-distressed assets.

“This is an exciting time in the company’s history, as we begin to move into the residential and commercial retail markets, and complete our transition from an auction company to a true online marketplace, leveraging internet technology to deliver a much better experience for buyers, sellers and real estate professionals,” Morse said. “Jeff is a visionary and an extraordinary entrepreneur who took a brilliant idea and built it into a company disrupting a $1.6 trillion industry. I’m honored to take on the role of Auction.com CEO, and am humbled that Jeff has entrusted me with the company he created.”

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
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