Yahoo fires CEO Carol Bartz
07 September 2011
Carol Bartz has been fired as the chief executive of Yahoo, ending a rocky term trying to revive the internet giant.
“I am very sad to tell you that I’ve just been fired over the phone by Yahoo’s chairman of the board,” wrote Bartz, in an email sent to employees from her iPad entitled ‘Goodbye’. “It has been my pleasure to work with all of you and I wish you only the best going forward.”
Since joining Yahoo in 2009, Bartz has been under pressure to turn Yahoo around, as it has been losing ground in the internet space with advertisers to Google, Facebook and Twitter. Following the news of Bartz’ departure, shares in Yahoo jumped 6%.
Yahoo’s chief financial officer Timothy Morse will step into the role on an interim basis in addition to his own duties, effective immediately, until a permanent CEO is found.
“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, against a very challenging macro-economic backdrop,” said Yahoo chairman of the board Roy Bostock. “I would also like to express the board’s appreciation to Tim and thank him for accepting this important role.”
Jenni Baker, London