Yahoo CEO firing shocks the corporate world

September 8th, 2011 - 11:50 pm ICT by Aishwarya Bhatt  

San Francisco, Sept 8 (THAINDIAN NEWS) The CEO of Yahoo! Inc., Carol Bartz, has been fired by the Internet company. The ouster of Bartz comes after nearly three years after she was given the mandate to improve the fortunes of the tech company.

The board of Yahoo is convinced that Bartz cannot deliver on expectations and subsequently she was fired on Tuesday. The announcement bolstered confidence in the affairs of the company. The share value of the company rose by more than 5 percent on Wednesday following the announcement of Batz’s exit.

The board has subsequently named the chief financial officer of the company, Tim Morse, as the interim boss of the company. The company said they are hunting for a permanent replacement for Bartz.

Yahoo has been struggling to keep pace with rivals Google and Facebook. The primary means of revenue generation of the company is through online advertisement but the company has lost its leadership. Yahoo is struggling financially and that is what motivated the board to take the decision.

Yahoo released a statement on Tuesday to announce the firing of Bartz. The company revealed that they are undertaking “comprehensive strategic review” to ensure that the company stays competitive. Some analysts say the company could be bought by a bigger tech company like Microsoft.

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