The Chief Executive Officer of Yahoo Inc Carol Bartz has been dismissed over telephone by Roy Bostock, Chairman, Yahoo Inc.
Tim Morse who has been the Chief Financial Officer of Yahoo Inc will take over as the Chief Executive Officer till a permanent replacement is found.
Morse is expected to be assisted by an executive leadership council in handling the routine operations apart from helping him review the company's position and chart the course for reviving the company out of its present stagnation and steer it towards revival and growth.
The stock market has reacted with a 6% jump in the share value of Yahoo Inc reflecting the market's disenchantment with Carol Bartz. Despite the jump, however, the share value remains near about the same as it was when Carol Batz took over in January 2009 with the onerous responsibility of reviving the flagging fortunes and slacking image of Yahoo in the face of rising challenges from competitors like Google.
The frank and straight-talking Carol Bartz said in a crisp internal mail to the staff of Yahoo: ""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."
Market and financial analysts, however, do not seem to see this change as the end of Yahoo's troubles. In fact, many seem to look at the change of leadership as a sign that Yahoo has run out of ideas to revive its sinking imaging and flagging fortunes - and suspect that Yahoo may be heading towards an acquisition by some other company.
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