Yahoo! fires CEO Carol Bartz
In a sudden, but not surprising, move, Yahoo Inc's board fired Cheif Executive Carol Bartz over the phone on Tuesday after it failed to see turnaround during her 32 months on the job. The firing of Bartz comes after an independent study found the company was not doing as well as it could, prompting the decision to go in a different direction, The Wall Street Journal reports.
Bartz broke the news to those working at company through a short memo that revealed a bit of the details over the firing.
"I am very sad to tell you that I've just been fired over the phone by Yahoo's Chairman of the Board," she wrote. "It has been my pleasure to work with all of you and I wish you only the best going forward."
The firing may not come as a surprise to some people, given Yahoo's performance during Bratz's tenure. According to the Journal, the company's stock price has remained flat in the 2-and-a-half years since she took over, and Yahoo site visits per month have dropped 33 percent in that same period.
"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," the Chairman of the Board Roy Bostock said in a statement.
What this means for Yahoo's future remains to be seen. The once-powerful search engine giant had been looking to purchase the video site Hulu, and sources close to the situation said that the company will continue to pursue that opportunity.
Soon after the news broke on the blog All Thing D that Bratz would be fired, the company's shares opened up to almost $14 on Wednesday, according to CNET.