Yahoo ousts CEO Carol Bartz
Carol Bartz was fired Tuesday as Yahoo Inc.'s chief executive almost three years into a tenure in which the company fell short of the turnaround she was charged with leading.
The media and search-engine company said Bartz will be replaced by chief financial officer Timothy Morse on an interim basis. The company plans to search for a permanent replacement for Bartz.
Bartz was hired in January 2009 to engineer a turnaround after Yahoo fell further behind Internet search leader Google Inc. under its two previous CEOs, its co-founder Jerry Yang and former movie-studio boss Terry Semel.
Yahoo made more money under Bartz because of layoffs, service closures and other cost-cutting moves since her arrival.
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Google, though, has become even stronger in the past two years, while Facebook, the owner of the Web's most popular hangout, has emerged as a formidable threat that's attracting more of the major marketing campaigns that once went to Yahoo.
Bartz's departure was first reported by the Wall Street Journal's All Things D technology blog.
Yahoo shares jumped 74 cents, or 5.7 per cent, to $13.65 US in after-hours trading. That's about 12 per cent higher than they were when Bartz was named CEO