Tomahawk, WI 9/7/2011 (PennyPayDay) – Yahoo Inc. fired Carol Bartz as CEO Tuesday after more than 2 1/2 years of financial lethargy that had convinced investors that she couldn't steer the Internet company to a long-promised turnaround.To fill the void, Yahoo's board named Tim Morse, its chief financial officer, as interim CEO. Bartz lured Morse away from computer chip maker Altera Corp. two years ago to help her cuts costs. Yahoo, based in Sunnyvale, Calif., said it is looking for a permanent replacement.
Yahoo Chairman Roy Bostock, also a target of shareholder frustration, informed Bartz about the move over the phone, according to an e-mail the outgoing CEO sent from her iPad that was obtained by the All Things D technology blog. The blog first reported Bartz's ouster.
A Yahoo spokesman didn't immediately respond to a request for comment late Tuesday.
Macquarie Securities analyst Ben Schachter called the handling of Bartz's departure "unseemly" and interpreted it as a sign of even more drama to come at Yahoo.
In a research note late Tuesday, Schachter predicted there will be a wide range of conjecture about Yahoo's future, with the most likely speculation centering on Yahoo as a takeover target during a vulnerable time.
Alternatively, Yahoo could make a bold move itself by trying to buy the online video site Hulu.com, which is already talking to suitors, or trying to sell its 43 percent stake in the Alibaba Group, one of China's most prized Internet companies. Bartz's tense relationship with Alibaba CEO Jack Ma had fed investor dissatisfaction about her leadership.
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