07 September 2011 | Author: R Wood Media Intern
Carol Bartz has been fired from Yahoo! as chief executive officer. She will be replaced by Yahoo!'s chief financial officer Tim Morse, effective immediately.
In a press release , Yahoo! said: "The Board of Directors has appointed Timothy Morse interim chief executive officer, effective immediately, replacing Carol Bartz, who has been removed by the Board from her role as chief executive officer."
"The board is commencing a search for a permanent chief executive officer and expects to engage the services of a nationally recognised executive search firm to help it identify candidates for the position as expeditiously as possible."
Bartz was named CEO in 2009, taking over from Yahoo! co-founder Jerry Yang, but her tenure was marked by struggle and, despite job cuts and a management team shake up, the company was unable to regain lost ground against search giant Google.
Rumours about a potential management switch-up began circulating in Silicon Valley months ago and came to a head at Yahoo!'s annual shareholder meeting in June.
When asked to address reports that Yahoo! was looking for new leadership, chairman Roy Boystock denied rumours and reiterated that the board was "very supportive of Carol and the management team."
Following the news of her departure, Yahoo! shares jumped 6 per cent in after-hours trading, an increase of 81 cents to $13.72
According to the New York Times, Bartz sent an email to employees informing them of her departure: "I am very sad to tell you that I've just been fired over the phone by Yahoo!'s chairman of the board. It has been my pleasure to work with all of you and I wish you only the best going forward."
After rejecting a $44.6 billion cash-and-stock offer from Microsoft to buy the search engine in 2008, rumours are beginning to circulate about Yahoo! putting itself up for sale hot on the heels of Bartz's departure.
According to the Wall Street Journal, a company insider said Yahoo! is "open to selling itself to the right bidder."
The board of directors is expected to initiate a strategic review to evaluate the company's current situation and discuss the possibility of acquisitions and partnerships in future.
Yahoo! says bye-bye to Bartz
Carol Bartz has been fired from Yahoo! as chief executive officer. She will be replaced by Yahoo!'s chief financial officer Tim Morse, effective immediately. In a press release , Yahoo! said: "The Board of Directors has appointed Timothy Morse interim chief executive officer, effective immediately, replacing Carol Bartz, who has been removed by the Board from her role as chief executive officer."
"The board is commencing a search for a permanent chief executive officer and expects to engage the services of a nationally recognised executive search firm to help it identify candidates for the position as expeditiously as possible."
Bartz was named CEO in 2009, taking over from Yahoo! co-founder Jerry Yang, but her tenure was marked by struggle and, despite job cuts and a management team shake up, the company was unable to regain lost ground against search giant Google.
Rumours about a potential management switch-up began circulating in Silicon Valley months ago and came to a head at Yahoo!'s annual shareholder meeting in June.
When asked to address reports that Yahoo! was looking for new leadership, chairman Roy Boystock denied rumours and reiterated that the board was "very supportive of Carol and the management team."
Following the news of her departure, Yahoo! shares jumped 6 per cent in after-hours trading, an increase of 81 cents to $13.72
According to the New York Times, Bartz sent an email to employees informing them of her departure: "I am very sad to tell you that I've just been fired over the phone by Yahoo!'s chairman of the board. It has been my pleasure to work with all of you and I wish you only the best going forward."
After rejecting a $44.6 billion cash-and-stock offer from Microsoft to buy the search engine in 2008, rumours are beginning to circulate about Yahoo! putting itself up for sale hot on the heels of Bartz's departure.
According to the Wall Street Journal, a company insider said Yahoo! is "open to selling itself to the right bidder."
The board of directors is expected to initiate a strategic review to evaluate the company's current situation and discuss the possibility of acquisitions and partnerships in future.
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