Yahoo Inc Chairman Roy Bostock fired CEO Carol Bartz over the phone on Tuesday. Chief Financial Officer Tim Morse will step in as interim CEO, and the company will search for a permanent leader to spearhead a battle in online advertising and content with rivals Google and Facebook.
Shares in Yahoo jumped 6 per cent in after-hours trading to $13.7 after closing at $12.90 on the Nasdaq.
“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,” the outspoken CEO said in a two-sentence email to employees obtained by Reuters.
Bartz took the Yahoo! from co-founder Jerry Yang in early 2009, overhauled the management team and cut costs in a shift away from the company’s online search roots to becoming a venue for personalized content.
The decision to oust Bartz was reached by an unanimous vote of Yahoo’s eight independent directors late last week, according to a person close to the company. Co-founder Jerry Yang, who is also on the board, did not participate in the vote.