Bartz fired from Yahoo!
Yahoo! parts ways with CEO Carol Bartz
Yahoo! has fired its CEO, Carol Bartz, after two-and-a-half years in charge.
Bartz was fired by telephone, according to the Wall Street Journal's All Things D website.
Yahoo! has struggled in the face of competition from Google and Facebook, and has also recently had problems with key Chinese partner Alibaba.
The company has moved to diversify during Bartz's tenure, with more emphasis placed on local search and local partnerships, but the strategy has failed to improve Yahoo!'s overall outlook dramatically.
Shares rose 6% in after-hours trading, although the value is nearly the same as when Bartz took over from Yahoo! co-founder Jerry Yang.
A mail from Bartz to Yahoo! staff, reported by All Things D, said: "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 had been responsible for cutting costs at Yahoo! and reorganizing its structure, but had not been able to achieve the change the board required. Yahoo! also has suffered from a worsening relationship with Chinese partner Alibaba, after Alibaba Group transferred control of its payment processing company, Alipay, to Alibaba founder Jack Ma, apparently without Yahoo's knowledge.
Tim Morse, chief financial officer of Yahoo! will replace Bartz in the interim.
A statement from Roy Bostock, chairman of Yahoo! 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 macro-economic 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," he added.