Yahoo! looks for a new direction after firing CEO by phone

Yahoo! looks for a new direction after firing CEO by phone
After firing CEO Carol Bartz and replacing her temporarily with CFO Timothy Morse, Yahoo! is looking for a change of strategy moving forward.

Roy Bostock, Chairman of the Yahoo! Board mentioned it in passing in an official statement:

We have great confidence in his abilities and in those of the other executives who have been named to the Executive Leadership Council.

Yahoo!'s newly formed Executive Leadership Council is tasked with establishing a new direction for the company, which has floundered since before Bartz's appointment in 2009.

According to a report from TechCrunch, Bartz informed Yahoo! employees of her firing from her iPad :

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.

Bartz took over as CEO after co-founder Jerry Yang stepped down following an aborted takeover bid from Microsoft. Yang fell out of favor due to his failure to capitalize on an offer of almost twice the Yahoo!'s market value at the time.

Under Bartz, Yahoo! eventually entered into an ad partnership with Microsoft instead. It seems that deal wasn't successful enough to keep the board happy.

In recent months, Yahoo! has been linked to a possible purchase of streaming video service Hulu, but apparently the board wasn't satisfied with her accomplishments.

Rumors that Yahoo! was looking to replace Bartz, which have consistently been denied, have circulated for months.

Written by: Rich Fiscus @ 7 Sep 2011 13:15
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