Yahoo boss searching for new job

This is why you don’t answer calls from unknown numbers

Carol Bartz was fired as Yahoo’s CEO late Tuesday, ending a rocky two and a half year tenure as the company’s top exec. Her dismissal came as a surprise to many Wall Street analysts, who saw it as a desperate move by Yahoo to regain its position in the internet search and advertising markets. Bartz confirmed her departure to employees in a two line email which read, “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.”

One source close to the company said that the decision to oust Bartz was reached late last week by a unanimous vote of the board which Bartz and co-founder Jerry Yang did not take part in. CFO Tim Morse will take the reigns as interim CEO as the board explores options for a long term replacement. Bartz was named Yahoo’s CEO in January 2009, replacing Yang who many thought had botched a $47.5-billion proposed takeover from Microsoft (MSFT), saying the offer was too low. However, Bartz’s term was no more impressive as Yahoo stock failed to appreciate with the company losing advertising and search share to Google (GOOG) and became embroiled in a bitter battle with Alibaba, the Chinese internet company in which Yahoo has a 40% stake. Commenting on the dismissal, an unnamed Alibaba official commented, “There won’t be much of an impact in the relationship to be honest. We have to wait and see till we are working together with the new CEO.”

Yahoo (YHOO: NASDAQ: US$13.61), Net Change: 0.70, % Change: 5.42%, Volume: 77,099,150

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx

About the Author

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx.

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