Yahoo!’s CEO, Carol Bartz was fired on Tuesday, ending her controversial run as the boss of the Internet search company. Tim Morse, Yahoo!’s CFO, is temporarily serving as CEO while the company starts its search for a new leader.
“Yahoo, the premier digital media company, today announced a leadership reorganization under which the Board of Directors has appointed Timothy Morse interim Chief Executive Officer, effective immediately, replacing Carol Bartz, who has been removed by the Board from her role as Chief Executive Officer,” the company said in a statement.
Ms. Bartz was brought on board about two years ago to help turn Yahoo! around and revitalize the company. The company hasn’t, however, rebounded like the board of directors and investors had hoped.
During her tenure, Ms. Bartz signed a ten-year deal giving Microsoft control over the company’s search and advertising technologies, essentially handing over its business foundation to Windows maker. That deal hasn’t panned out as well as she had hoped with search revenue lower than expected.
Just as some of Ms. Bartz’s more colorful public comments have raised eyebrows, so did the way she was told it was time to turn in her executive washroom key. According to AllThingsD, Yahoo! Chairman of the Board Roy Bostock called her on the phone to drop the news.
Ms. Bartz apparently turned around and email Yahoo!’s staff 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.
Yahoo! plans to hire an outside firm to help with its CEO hunt, but hasn’t said when it expects to have its next leader in place.