(Bloomberg) — Yahoo! Inc. ousted Chief Executive Officer Carol Bartz and said it’s embarking on a strategic review aimed at boosting growth prospects.
“I am very sad to tell you that I’ve just been fired over the phone by Yahoo’s chairman of the board,” she said in a memo sent to staff and obtained by Bloomberg. “It has been my pleasure to work with all of you and I wish you only the best going forward.” Chief Financial Officer Tim Morse will take over as interim CEO, Yahoo said in a statement.
Investors have become frustrated with Yahoo’s growth and how it handled Asian assets that analysts say may make up more than half its value. Under Bartz, CEO since January 2009, Yahoo slashed costs with job cuts and a partnership with Microsoft Corp. Still, Yahoo failed to make much headway in the U.S. search market and its shares dropped 22 percent this year, compared with a 6.7 percent decline for the Nasdaq Composite Index.
Yahoo, based in Sunnyvale, California, said it will hire a search firm to help it find a permanent CEO.