Yahoo! chief Carol Bartz fired 'over the phone'
Yahoo! chief executive Carol Bartz has been fired by the company's board, ending a rocky two-year run marked by stagnating growth and a bitter rift with Chinese partner Alibaba
By Telegraph staff and agencies
1:44AM BST 07 Sep 2011
Source - Telegraph, UK
Former Yahoo! chief executive Carol Bartz Photo: Reuters
Ms Bartz, in a short note sent to Yahoo employees from her iPad, said: "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."
Yahoo! said in a statement that chief financial officer Tim Morse would become the interim chief executive, replacing Ms Bartz with immediate effect while it begins the search for a permanent replacement.
Roy Bostock, chairman of the Yahoo board, said: "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."
He thanked Ms Bartz for her service to Yahoo during "a critical time of transition in the company's history, and against a very challenging macro-economic backdrop".
"I would also like to express the Board's appreciation to Tim and thank him for accepting this important role. We have great confidence in his abilities and in those of the other executives who have been named to the Executive Leadership Council," he said.
Mr Bostock had only just voiced his public support in June for Ms Bartz, a lightning rod for criticism from Wall Street, and known for her tough attitude.
She has been blamed for the soured relationship with China's Alibaba, in which Yahoo holds a 40pc stake. Alibaba founder Jack Ma has been trying to buy out the stake.
Ms Bartz was appointed in 2009 to succeed Jerry Yang, the chief executive and co-founder of Yahoo, after he opposed a $47.5bn proposed takeover by Microsoft as too low and the software giant walked away.
Shares in Yahoo jumped 6pc in after-hours trading and not much higher that when Ms Bartz joined.
Yahoo has struggled to since its height in the dotcom boom in 2000 when its shares traded at $125. Last night they closed at $12.91.
Mr Morse said: "It is an honor to be selected for this role and lead the Company with this world-class team of executives. 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."
Yahoo! chief executive Carol Bartz has been fired by the company's board, ending a rocky two-year run marked by stagnating growth and a bitter rift with Chinese partner Alibaba
By Telegraph staff and agencies
1:44AM BST 07 Sep 2011
Source - Telegraph, UK
Former Yahoo! chief executive Carol Bartz Photo: ReutersMs Bartz, in a short note sent to Yahoo employees from her iPad, said: "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."
Yahoo! said in a statement that chief financial officer Tim Morse would become the interim chief executive, replacing Ms Bartz with immediate effect while it begins the search for a permanent replacement.
Roy Bostock, chairman of the Yahoo board, said: "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."
He thanked Ms Bartz for her service to Yahoo during "a critical time of transition in the company's history, and against a very challenging macro-economic backdrop".
"I would also like to express the Board's appreciation to Tim and thank him for accepting this important role. We have great confidence in his abilities and in those of the other executives who have been named to the Executive Leadership Council," he said.
Mr Bostock had only just voiced his public support in June for Ms Bartz, a lightning rod for criticism from Wall Street, and known for her tough attitude.
She has been blamed for the soured relationship with China's Alibaba, in which Yahoo holds a 40pc stake. Alibaba founder Jack Ma has been trying to buy out the stake.
Ms Bartz was appointed in 2009 to succeed Jerry Yang, the chief executive and co-founder of Yahoo, after he opposed a $47.5bn proposed takeover by Microsoft as too low and the software giant walked away.
Shares in Yahoo jumped 6pc in after-hours trading and not much higher that when Ms Bartz joined.
Yahoo has struggled to since its height in the dotcom boom in 2000 when its shares traded at $125. Last night they closed at $12.91.
Mr Morse said: "It is an honor to be selected for this role and lead the Company with this world-class team of executives. 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."