Yahoo removed Carol Bartz (CEO of Yahoo! Inc.) and appointed CFO Timothy Morse as interim chief executive while the board of directors searches for a permanent replacement. Bartz said that she had just received a phone call from the Yahoo’s Board Chairman, who told her about the decision of the board about terminating her services from the company.
Bartz also sent a stunning email to all employees of the company from her iPad, saying she had been ousted:
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.
Sent from my iPad
The firing apparently came as a surprise to Yahoo employees.
Bartz time at Yahoo has been described as an rocky era for Yahoo. She took the post of the CEO promising a full change in the company’s revenue and gain the reputation that Yahoo once held. However, Bartz failed to accomplish this difficult task and was under increasing pressure from the board, investors and analysts to get the company’s affairs in order.
Investors welcomed news of Yahoo CEO Carol Bartz’s firing enthusiastically in after-hours trading on Tuesday evening, with shares of the company finishing the session up more than 6.3% to $13.72 per share.
The jump in Yahoo shares on Tuesday is nearly equal to the small gain the company has eked out since Bartz took over in January 2009.