Yahoo! (YHOO) Ousts CEO Carol Bartz
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Late Tuesday, Yahoo! (Nasdaq: YHOO) announced that it is replacing CEO Carol Bartz, who has been with the company since 2009 but has failed to create shareholder value.
The Yahoo! board has appointed CFO Timothy Morse as interim Chief Executive Officer and will conduct a search for a permanent CEO.
The Board has also named key senior Yahoo! executives to a newly formed Executive Leadership Council that will support Morse in managing the Company’s day-to-day operations, as well as supporting a comprehensive strategic review that the Board has initiated to position the Company for future growth.
Roy Bostock, Chairman of the Yahoo! Board, said, "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. We have talented teams and tremendous resources behind them and intend to return the Company to a path of robust growth and industry-leading innovation. We are committed to exploring and evaluating possibilities and opportunities that will put Yahoo! on a trajectory for growth and innovation and deliver value to shareholders."
Shares of Yahoo! traded off the lows of the intra-day session Tuesday on rumors something from the company was forthcoming.
The Yahoo! board has appointed CFO Timothy Morse as interim Chief Executive Officer and will conduct a search for a permanent CEO.
The Board has also named key senior Yahoo! executives to a newly formed Executive Leadership Council that will support Morse in managing the Company’s day-to-day operations, as well as supporting a comprehensive strategic review that the Board has initiated to position the Company for future growth.
Roy Bostock, Chairman of the Yahoo! Board, said, "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. We have talented teams and tremendous resources behind them and intend to return the Company to a path of robust growth and industry-leading innovation. We are committed to exploring and evaluating possibilities and opportunities that will put Yahoo! on a trajectory for growth and innovation and deliver value to shareholders."
Shares of Yahoo! traded off the lows of the intra-day session Tuesday on rumors something from the company was forthcoming.
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