Mashable has confirmed with reliable sources that Carol Bartz, CEO of Yahoo is no longer the company’s CEO and apparently her departure from her position is not really voluntary at all. In fact, there are some rumors that Bartz has been fired as CEO and this situation was made known because of an e-mail that was sent by Bartz herself to Yahoo employees through her iPad informing them of what happened. It appears that the company’s Chairman was the one who fired her from her position and this was made via phone. Yahoo CFO named Tim Morse has been promoted as interim CEO.
Carol Bartz has become a part of Yahoo back in January 2009 and has made significant contributions to Yahoo since then. In fact, she turned the company around after it balked from Microsoft’s $ 44.6 billion takeover offer and has also implemented some aggressive job cuts and established a solid partnership with Microsoft that resulted to the Yahoo results being powered by Bing. However, that deal is also the same deal being blamed for the company’s weakening financial performance as evident by a 5% decrease in its overall revenue year after year.
What is really surprising about Yahoo CEO’s Carol Bartz firing incident is that lots of investors welcomed this news with enthusiasm as evident by the results of the stock trading where Yahoo stocks resulted in a 6 percent increase to its $ 13.72 per share. The sudden increase of Yahoo stocks is nearly equal to the gain that the company has eked out since Bartz take over the position as CEO in 2009.
Additionally, Yahoo has also formed the Executive Leadership Council that will be responsible in supporting newly appointed CEO Tim Morse in managing the company’s day-to-day operations until the time that a permanent CEO has been appointed. This newly formed executive council consists of Yahoo’s key personnel like Blake Irving (EVP & CPO), Mike Callahan (EVP, general counsel and secretary), Rich Riley (SVP of the EMEA), Rose Tsou (SVP of the APAC region), and Ross Levinsohn (EVP, Americas). The co-founders of Yahoo namely David Filo and Jerry Yang will not be a part of the said council, but they will remain as Chief Yahoo officials.
As of present, the company is on thorough search on the next company CEO. So watch out for more details.
You might also like
Story by pinoytutorial