Yahoo Fires CEO

Posted September 7th, 2011 at 2:42 am (UTC-5)
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Internet company Yahoo fired CEO Carol Bartz Tuesday.

In a memo sent to her staff Bartz said, “I am very sad to tell you that I’ve been fired over the phone by Yahoo’s chairman of the board .”

Yahoo’s stock price closed at $12.91 Tuesday. That is nearly seven percent higher than when Bartz was hired as CEO in January 2009. In the same period Google’s stock price has risen by 66 percent, to more than $200. Yahoo’s stock price gained six percent in after-hours trading when news of Bartz’s firing became public.

Bartz tenure as CEO was marked by a strained relationship with Chinese partner Alibaba. Investors were also disappointed by her failure to increase revenues at the company.

The company named Chief Financial Officer Tim Morse to replace Bartz on an interim basis.