Yahoo has parted company with its CEO Carol Bartz after she was apparently fired over the phone yesterday.
Bartz, who had been at the helm of the company for 2.5 years, broke the news to Yahoo staff through an email, which was later acquired by Reuters
‘I’m very sorry to tell you that I’ve just been fired over the phone by Yahoo’s chairman of the board
’ she says. ‘It has been my pleasure to work with all of you and I wish you only the best going forward
The move comes off the back of an increasing amount of criticism from investors about the company’s perceived lack of direction. This attitude is summarised by YCMNet Advisors CEO Michael Yoshikami who told Reuters that ‘It [Yahoo] went down the road of search, it went down the road of media...it went down the road of advertising. I’m not sure where it goes right now.
The move was greeted positively by the markets, with the value of Yahoo stock jumping up 6 per cent after the news was announced. Yahoo also confirmed that Timothy Morse, currently CFO of the company, would be stepping in as acting CEO while the board attempted to find a permanent successor to Bartz.
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