Internet company Yahoo fired CEO Carol Bartz Tuesday.
In a memo sent to her staff Ms. Bartz said, “I am very sad to tell you that I’ve been fired over the phone by Yahoo’s chairman of the board.”
Yahoo’s stock price closed at $12.91 Tuesday. That is nearly 7 percent higher than when Ms. Bartz was hired as CEO in January 2009. In the same period Google’s stock price has risen by 66 percent, to more than $200. Yahoo’s stock price gained 6 percent in after-hours trading when news of Ms. Bartz’s firing became public.
Ms. Bartz tenure as CEO was marked by a strained relationship with Chinese partner Alibaba. Investors were also disappointed by her failure to increase revenues at the company.
The company named its chief financial officer, Tim Morse, to replace Ms. Bartz on an interim basis.