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Yahoo! Fires CEO Carol Bartz; Tim Morse interim CEO |
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Yahoo! Inc. has replaced its CEO Carol Bartz by the Board of Directors, which has appointed Timothy Morse as interim Chief Executive Officer, effective immediately.  Tim Morse will manage Yahoo!’s day-to-day operations till a permanent chief executive is appointed, in addition to the company's finance, investor relations, and mergers and acquisitions groups. Prior to joining Yahoo!, Morse was the CFO of Altera Corporation, a semiconductor company specializing in programmable logic devices for communications, industrial, and consumer applications, where he established scalable, cost-effective processes and controls. Morse is a 15-year veteran of GE, having previously served as the CFO and general manager of business development for General Electric Plastics and various positions with GE Appliances and GE Capital in North America, Europe and Asia. In a two-line memo to Yahoo! Employees, Bartz 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 taken over as CEO from founder Jerry Yang in January 2009. The Internet company has been losing market share to other Internet companies such as Google and Facebook, directly impacting its advertising revenue. |
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