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Yahoo hires former AOL executive for ad business

SUNNYVALE, Calif. (AP) -- Yahoo Inc. said Tuesday that it has named Ned Brody a senior vice president at the Internet company, responsible for its advertising business in North and South America.

Brody was most recently CEO of AOL Networks, AOL Inc.'s advertising business. He will report to Henrique de Castro, Yahoo's chief operating officer.

"His knowledge of advertising and technology, combined with his ability to effectively lead large organizations will be critical as we continue to build a world class team and grow Yahoo in the Americas and worldwide," said de Castro in a statement.

Yahoo is in the midst of a turnaround orchestrated by CEO Marissa Mayer, who recently past a year at the helm of the Internet company. Last week, a research firm said Yahoo's websites had more American visitors than Google's in July, the first time in more than two years it beat its rival. comScore Inc. said Yahoo sites drew 196.6 million unique U.S. visitors for the month, compared with Google's 192.3 million.

However, Yahoo remains in third place when it comes to advertising revenue, behind Google and Facebook, according to research firm eMarketer. The firm estimates Google will generate $38.83 billion in worldwide digital advertising revenue this year, while it expects $3.63 billion for Yahoo.

Shares of Yahoo rose 66 cents, or 2.4 percent, to close at $27.78 Tuesday.