In a statement Yahoo said Bartz had been “removed” from her post and revealed that CFO Timothy Morse would take the reigns of the company on a temporary basis while the firm began the search for a new CEO.
Bartz sent an email to all Yahoo employees stating, “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.”
From the beginning of her appointment as CEO in 2009, Bartz faced immense pressure to turn Yahoo around. While Yahoo remains one of the largest destinations online, it has lost ground with advertisers and audience to the likes of Google, Facebook and Twitter.
Yahoo is conducting a strategic review of the company's options. In a statement, Yahoo’s Chairman Roy Bostock said: "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 macroeconomic 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 company said its directors had named five other senior Yahoo executives to an executive leadership council that is intended to help Morse manage the company.
