Published on September 7th, 2011 | by Mithil Bhatia0
Yahoo CEO Carol Bartz fired over the phone; CFO Tim Morse appointed as interim CEO
During past few years, Yahoo’s situation was very poor. According to ComScore, since Ms. Carol Bartz started serving as CEO, Yahoo dropped more than 30% as she spent more time with her family. Also, many of the High profile Employees left Yahoo during her 3 years tenure. Yahoo’s chairman, Roy Bostock and founder, Jerry Yang and independent directors did several studies on Yahoo’s past performance and found it more unsatisfactory during Ms. Bartz’s tenure. They finally dismissed Carol over phone!
Yahoo confirmed this news, Yahoo’s stock jumped more than 6% to $13.72 after the news of Ms. Bartz’s dismissal was reported by All Things D. Currently, the existing CFO Tim Morse will be interim CEO, later company will look for suitable candidates as the official CEO.
Carol immediately sent this news to internal employees through her iPAD. She wrote a brief news to employees on Tuesday afternoon saying:
“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.”
Foreign media Glassdoor collected a series of views from yahoo staff, most are very dissatisfied with the leadership of Bartz, some believe that she spent too much time to deal with many trivial matters.
Carol is a mother of three children and a breast-cancer survivor. She grew up in a small town in Wisconsin, where she was a high-school homecoming queen. She became a top executive at Sun Microsystems before becoming CEO of Autodesk Inc., which develops software for designers. In 14 years at Autodesk, she increased revenue and the share price. She stepped down in 2006 before being lured to Yahoo’s headquarters in Sunnyvale, Calif., three years later.
The yahoo Board is planning to create a short term Executive Leadership Council (ELC) to provide full fledged support to Mr. Tim Morse, who will be interim CEO for yahoo, until they find a new permanent CEO.