Yahoo! Fires CEO Carol Bartz
September 7, 2011 at 3:53 AM (PT)
Controversial YAHOO! CEO CAROL BARTZ has exited the company amid rumors that the company has put itself up for sale.
BARTZ, the former AUTODESK executive whose aggressive and blunt style generated much talk within the industry, reportedly sent employees a memo saying that she had been fired over the phone, ostensibly by Chairman of the Board ROY BOSTOCK; she had over a year left on her contract but the company had been struggling and its stock flat over her tenure. CFO TIMOTHY MORSE has been named Interim CEO while an executive leadership council seeks a new CEO.
In a press release announcing BARTZ's ouster, BOSTOCK 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. 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."
The executive leadership council will include MORSE, who continues as CFO along with Interim CEO duties; EVP, General Counsel and Secretary MICHAEL CALLAHAN; EVP/Chief Product Officer BLAKE IRVING; EVP, AMERICAS ROSS LEVINSOHN; SVP & MD, EMEA Region RICH RILEY; and SVP, APAC Region ROSE TSOU. Co-founders JERRY YANG and DAVID FILO will counsel MORSE and the council.