The Yahoo! Board of Directors have fired CEO Carol Bartz today.
Replacing Bartz is current CFO Tim Morse, in an interim position.
There was no word on whether Morse was a likely candidate to remain CEO into the future.
Says Roy Bostock, Chairman of the Yahoo! Board:
Bartz, in a last hurrah, wrote an email to employees:
Bartz, one of the more high-profile hirings of the last half-decade, joined Yahoo with plans of grandeur. Instead the company has seen significant failure after failure, and a declining stock price.
There was no word on whether Morse was a likely candidate to remain CEO into the future.
Says Roy Bostock, Chairman of the Yahoo! Board:
The Board sees enormous growth opportunities on which Yahoo! can capitalize, and our primary objective is to leverage the Company's leadership and current business assets and platforms to execute against these opportunities. We have talented teams and tremendous resources behind them and intend to return the Company to a path of robust growth and industry-leading innovation. We are committed to exploring and evaluating possibilities and opportunities that will put Yahoo! on a trajectory for growth and innovation and deliver value to shareholders.
On behalf of the entire Board, I want to thank Carol for her service to Yahoo! during a critical time of transition in the Company's history, and against a very challenging macro-economic backdrop. I would also like to express the Board's appreciation to Tim and thank him for accepting this important role. We have great confidence in his abilities and in those of the other executives who have been named to the Executive Leadership Council.
Bartz, in a last hurrah, wrote an email to employees:
To all,
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.
Carol
Bartz, one of the more high-profile hirings of the last half-decade, joined Yahoo with plans of grandeur. Instead the company has seen significant failure after failure, and a declining stock price.
