The CEO of Yahoo, Carol Bartz, has been fired by the internet company’s board of directors, according to a statement, which said her termination was effective immediately.
Bartz has been Yahoo’s CEO for the past two-and-a-half years and will be temporarily replaced by Tim Morse, Yahoo's chief financial officer while a new CEO is sought.
Bartz took over from Yahoo co-founder Jerry Yang in 2009 and made significant changes to management, cut jobs to save on costs and shifted the company’s focus from that of a search engine to more personalised content.
However, Yahoo has struggled to cope with competition from Google, which is itself now facing intense rivalry from Facebook in terms of internet marketing.
Yahoo has battled to maintain market share and Bartz is accused of not responding quickly enough to changes in the industry.
“She hasn't done anything to change the company's fortunes, and they are still anxious to find a leader who can move them up,” said Larry Magid, a technology analyst at C-net. “In terms of the potential for long-term revenue it's just not there. They've got some great sites, great information resources, news, stocks, sports, but that's not what bringing in the money.”
Yahoo has failed to make significant strides in search and social networking, two of the most lucrative segments of the market.
Shares in Yahoo jumped 6% in after hours trading following the announcement of the firing of Bartz, suggesting a strong opening Wednesday.
“I am very sad to tell you that I've just been fired over the phone by Yahoo's chairman of the board,” Bartz said in an email to staff. “It has been my pleasure to work with all of you and I wish you only the best going forward.”
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