Friday, September 9, 2011

Yahoo CEO Bartz Fired Over Phone

Yes you read it right. Harsh! but the Yahoo CEO was apparently fired over the phone on Tuesday. Yahoo Inc.'s Chairman Roy Bostock fired Bartz as CEO, nearly three years into a tenure in which the company fell short of the turnaround she was charged with leading. This was the note Bartz sent to all Yahoo employees:
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.
- Carol Bartz
Yahoo was looking for a replacement for Bartz as the company's performance was poor since she took over in early 2009. The company's Chief Financial Officer Timothy Morse will replace Bartz on an interim basis. The company plans to search for a permanent replacement for Bartz.

Yahoo's stock jumped more than 6% to $13.6 in after-hours trading after investors saw that the online firm had fired CEO Carol Bartz. Bartz could get severance package of $10.4-million cash-and-stock severance payout.

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