Yahoo fires Bartz as CEO

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Yahoo fires Bartz as CEO

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Yahoo's board named Tim Morse, its chief financial officer, as interim CEO.

07 September,2011 12:41 pm

Yahoo Inc. fired Carol Bartz as CEO Tuesday after more than 2½ years of financial lethargy that had convinced investors that she couldnt steer the Internet company to a long-promised turnaround.To fill the void, Yahoos board named Tim Morse, its chief financial officer, as interim CEO. Bartz lured Morse away from computer chip maker Altera Corp. two years ago to help her cuts costs. Yahoo, based in Sunnyvale, California, said it is looking for a permanent replacement.Yahoo Chairman Roy Bostock, also a target of shareholder frustration, informed Bartz about the move over the phone, according to an email the outgoing CEO sent from her iPad that was obtained by the All Things D technology blog. The blog first reported Bartzs ouster.A Yahoo spokesman didnt immediately respond to a request for comment late Tuesday.Macquarie Securities analyst Ben Schachter called the handling of Bartzs departure unseemly and interpreted it as a sign of even more drama to come at Yahoo.In a research note late Tuesday, Schachter predicted there will be a wide range of conjecture about Yahoos future, with the most likely speculation centering on Yahoo as a takeover target during a vulnerable time.Alternatively, Yahoo could make a bold move itself by trying to buy the online video site Hulu.com, which is already talking to suitors, or trying to sell its 43 percent stake in the Alibaba Group, one of Chinas most prized Internet companies. Bartzs tense relationship with Alibaba CEO Jack Ma had fed investor dissatisfaction about her leadership.