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Former Yahoo CEO Carol Bartz
Carol Bartz' rein as Yahoo CEO comes to an end

Although many probably saw this move coming for quite some time, Carol Bartz made it official this afternoon that she is out as Yahoo's CEO. The often abrasive Bartz has made a number of enemies during her tenure as CEO -- including Michael Arrington -- and definitely hasn’t made any friends on Wall Street

Bartz announced her "change of job status" in an email to Yahoo employees according to TechCrunch:

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.


Sent from my iPad

The Yahoo Board of Directors has appointed Timothy Morse as the interim Chief Executive Officer in place of Bartz. The Board is also forming an Executive Leadership Council to find a permanent CEO for the beleaguered search company.

"It is an honor to be selected for this role and lead the Company with this world-class team of executives," said Morse. "I look forward to working with the Executive Leadership Council and the talented employees of Yahoo!, and to partnering with the Board to invest in the organization and continue to drive its ongoing growth plans." 

Despite the changing of the guard, Yahoo Board Chairman Roy Bostock is confident in the company's ability to change things around so that it can better compete with dominant player Google: 

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.

Not surprisingly, after hours trading for Yahoo is up on the news of Bartz' ouster. The stock is up just over 6 percent to $13.72.

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New CEO?
By bug77 on 9/7/2011 4:15:23 AM , Rating: 2
I was under the impression what they need now is new ideas, not new CEOs.

RE: New CEO?
By Orac4prez on 9/7/2011 11:37:27 PM , Rating: 2
I think your spot on. Ive worked for companies who have useless board members and just dribble out the sort of nonsense this current Yahoo board delivered. It has that grandiose vague aura about it that says "Yeah, I'm full of it!" They aren't very good at firing though are they!

Why here in Australia, the way its done is you disconnect all access to phones and electronic comms (including company mobile phone), the security guard is brought in to escort the person off site, and then are threatened with legal action if its mentioned. You have to apply to get your personal items (glasses, prescriptions, etc) released Then they say you were revealing company secrets, talking to foreign powers, etc.....

The board wants their agenda to be acted upon, white anting the people there and blame them when the crap hits the fan. The board is incompetent. Just look at the record of Yahoo in the past 10 years. At best you can say they are poor judges of character. And if they are so bad in judging the people they employed, what does that say about their ability to listen to their clients or judge business opportunities. Time to clear the board...

So long Yahoo!

"We’re Apple. We don’t wear suits. We don’t even own suits." -- Apple CEO Steve Jobs
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