In the wake of poor financial performance results for more than two years now, Yahoo! Board Chairman, Roy Bostock informed Carol Bartz, Yahoo!'s CEO of the end of her tenure over a telephonic conversation. Bartz has spearheaded Yahoo! for almost two and a half years now, and reports suggest that her tenure was nothing short of being rocky. While Yahoo! begins its search for the rightful, deserving name for the position of the CEO, it has been decided that for the interim period, Yahoo!'s current Chief Financial Officer (CFO), Timothy Morse will also manage the role and fulfill the duties of a CEO, while fulfilling the duties of the CFO.
Carol Bartz, Yahoo!'s former CEO
In an e-mail addressed to the employees of Yahoo!, Bartz 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." Reports also suggest that the decision to discontinue the services of Carol Bartz came after Yahoo!'s eight independent directors team, excluding Bartz and Co-founder, Jerry Yang cast a unanimous vote.
Over the months leading to Bartz's ouster, there reportedly was a lot of criticism that rose out of the above mentioned poor financial results for a considerable period of time. Also, Yahoo!'s relations with Alibaba, China-based, popular e-commerce brand turned sour during this period. Reports also suggest that Yahoo!'s attempts to gain a stronghold over the advertising and content markets didn't quite turn out as expected.
Published Date: Sep 07, 2011 06:17 pm | Updated Date: Sep 07, 2011 06:17 pm