Perhaps an inevitable move, Carol Bartz is out as Yahoo CEO after almost three years of trying, and failing, to turn around the fortunes of the troubled company. Stagnant revenue and profits have been plaguing Yahoo for the past few years and the string of restructuring and layoffs didn't manage to change things.
The board has had enough and fired Bartz, who was brought in precisely to revitalize the company.
Chief Financial Officer Tim Morse will act as interim CEO and all options are on the table going forward, including a sale of the company.
"On behalf of the entire Board, I want to thank Carol for her service to Yahoo! during a critical time of transition in the Company's history, and against a very challenging macro-economic backdrop," Roy Bostock, chairman of the Yahoo Board, wrote in a statement.
"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.
Bartz confirmed the news to employees, before the official announcement, via an email.
"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," she said.
The board is looking at ways it can turn around Yahoo or, alternatively, leverage its valuable properties. All ideas are being considered, including acquisitions, selling parts of the company, taking it private and even selling it altogether.
Yahoo is looking to hire investment bankers and consulting firms to discuss options. In the meantime, Yahoo stock is soaring in after-hours trading, and is up more than 6 percent after the announcement was made public.
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