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article imageYahoo CEO Carol Bartz fired by Chairman

By Stephanie Medeiros     Sep 7, 2011 in Technology
Carol Bartz, who was hired on as CEO of Yahoo two and a half years ago, was fired on Tuesday effective immediately by the Chairman of the Board.
After nearly three years Carol Bartz was fired by phone on Tuesday by Chairman Roy Bostock.
During the wake of the firing, Bartz was able to send out an email to all Yahoo employees from her iPad. The short message 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."
The Washington Post reports rumors in June about Yahoo replacing Bartz were quickly denied by the tech and media company, her firing came at an abrupt decision regardless as Chief Financial Officer Tim Morse will be acting as interim CEO.
Interestingly enough, Yahoo's stock prices jumped 6%, according to the Wall Street Journal, at $13.72 shortly after the news broke out about Yahoo's decision in after-hours trading. WSJ also reports since Bartz was hired on, Yahoo saw a 33% drop of visitors per month.
During Bartz's time with Yahoo, the company saw a public back-and-forth with Chinese Internet company Alibaba, eventually shareholders of Yahoo placed more of their priority in Yahoo Japan and Alibaba. Also, to cut costs for the ailing Silicon Valley company, Bartz closed down services like delicious and Geocities.
As VentureBeat points out, Bartz was known for her sharp comments toward the media and fellow tech companies. She reportedly, and infamously, was quoted as saying, “When you get outside New York and Silicon Valley, everyone loves Yahoo...I just want to transplant all of you guys out of your cynicism. What is wrong with you guys? Go be cynical about friggin’ Google.”
Yahoo was founded during the dot-com boom in 1995 by Jerry Yang and David Filo and was once the dominant search engine, taking the market from Google initially. As of 2010, Yahoo's revenue stood at $6.324 billion.
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