Oh Carol! Yahoo replaces its CEO

08 Sep,2011

By A Correspondent

Online media company Yahoo has fired Chief Executive Officer Ms Carol Bartz, who was brought on board two years ago to turn around the company’s troubled fortunes, and has named Chief Financial Officer Mr Tim Morse as interim chief executive.

Under a leadership reorganisation move, the California-based company has announced that its board of directors has appointed Mr Morse as interim CEO with immediate effect, replacing Ms Bartz, who has been removed by the board from her role as CEO.

Mr Morse would continue to shoulder the responsibilities of his current role as Yahoo Chief Financial Officer.

In an e-mail message to employees titled Goodbye, Ms Bartz, said she is very sad to tell you that I have 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, she wrote.

Yahoo said it is commencing a search for a permanent Chief Executive Officer and will work with an executive search firm to help identify candidates for the position as expeditiously as possible.

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, Yahoo Board Chairman, Ms Roy Bostock, said in a statement.

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, he said.

Ms Bostock added that Yahoo is committed to evaluating the possibilities and opportunities that will put it on a growth trajectory and deliver value to shareholders.

The board also named key senior Yahoo executives to a newly formed Executive Leadership Council, which will support Mr Morse in managing the company’s day-to-day operations until a permanent chief executive is appointed.

The council will also undertake a comprehensive strategic review to position the company for future growth.

 

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