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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.

Carol

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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