Yahoo Chairman of the Board Roy Bostock, on September 6, fired CEO Carol Bartz over the phone.
Yahoo! on Sep 6, investors press release confirmed Bartz' departure -- "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," announced Yahoo.
In addition to Morse, who will also continue in his role as Chief Financial Officer of Yahoo!, the Executive Leadership Council will consist a new, six-person team. While, the Co-founders of Yahoo!, David Filo and Jerry Yang, will each continue as Chief Yahoo and will provide counsel to Tim and the Executive Leadership Council.
Roy Bostock, Chairman of the Yahoo! Board, said,
"The Board sees enormous growth opportunities on which Yahoo! can capitalize, and our primary objective is to leverage the Company's leadership and current business assets and platforms to execute against these opportunities. We have talented teams and tremendous resources behind them and intend to return the Company to a path of robust growth and industry-leading innovation. We are committed to exploring and evaluating possibilities and opportunities that will put Yahoo! on a trajectory for growth and innovation and deliver value to shareholders."
Bartz, who has been with Yahoo for 30 months, had not turned the company around - the stock price is pretty close to that of when she took over and she's had some run-ins with co-founder Jerry Yang who has become more involved with the company recently. He stepped down from the CEO position to allow Bartz to take charge.
Glassdoor says, Bartz' approval rating was at 33% for the 3rd quarter of 2011, and had dropped as low as 24% during Q2 (based on those employees who chose to speak out on the site).
Here is the email that Bartz, sent to the entire staff of the Silicon Valley giant: (via AllThingsD)
From: "Carol Bartz"
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 Board is commencing a search for a permanent Chief Executive Officer and expects to engage the services of a nationally recognized executive search firm to help it identify candidates for the position as expeditiously as possible.