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Yahoo Fires CEO Carol Bartz For Poor Performance

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Struggling U.S. Internet search company Yahoo has fired its CEO Carol Bartz ending her 30-months tenure marked by poor ad sales and dwindling profits, CNN reported.

Yahoo said in a statement on Tuesday that Tim Morse, the company’s chief financial officer, will take over from Bartz as an interim CEO.

Carol Bartz at her first Yahoo! all hands meeting, January 2009
Carol Bartz at her first Yahoo! all hands meeting, January 2009

Bartz, 63, joined Yahoo in 2009 on expectations that a Silicon Valley veteran could bring the company out of the slump and stave off the rising competition from Google and Facebook in the area of social networking.

However, she was never a popular choice among shareholders and failed to meet the set price goals. Yahoo continued to lose its popularity both with online users and advertisers.

The company’s market share dropped from 16% in 2009 to an estimated 11% this year. In addition, her tenure has been marred by unproductive online search partnership with Microsoft and a questionable investment in Chinese Internet giant Alibaba Group.

Yahoo shareholders met the news of Bartz ouster with apparent enthusiasm, as the shares of the company rose by at least 6.3% to 13.72 following her departure.

Now it is up to Chairman Roy Bostock and Co-founder and director Jerry Yang to find a skilled executive with strategic vision of Internet and social networking trends.

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Ria Novosti

RIA Novosti was Russia's leading news agency in terms of multimedia technologies, website audience reach and quoting by the Russian media.

One thought on “Yahoo Fires CEO Carol Bartz For Poor Performance

  • September 7, 2011 at 6:20 pm
    Permalink

    When the surrounding are performing bad, the CEO naturally will end taking advantage again of everything, including their own workers compensation funds to look good.
    Example: the City workers in Los Angeles compared to their relatively same employed Police department’s large wage and pension.The Mayor sliced and diced the one that did not have a union to represent the gun pointed at him.

    Reply

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