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Wednesday, September 7, 2011

Yahoo! replaces CEO Carol Bartz

Digital media giant Yahoo! Inc. says its board has removed Carol Bartz from her role as Chief Executive Officer. Timothy Morse, the company’s Chief Financial Officer, has been appointed interim CEO. In addition, an Executive Leadership Council has been set up to provide management support until a permanent chief executive is appointed.

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. On behalf of the entire Board, I want to thank Carol for her service to Yahoo! during a critical time of transition in the Company's history, and against a very challenging macro-economic backdrop. I would also like to express the Board’s appreciation to Tim and thank him for accepting this important role. We have great confidence in his abilities and in those of the other executives who have been named to the Executive Leadership Council.”

The co-founders of Yahoo!, David Filo and Jerry Yang, will continue in their roles as ‘Chief Yahoo’. Carol Bartz was named CEO in January 2009, taking over the role from Mr Yang.

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