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Shares jump as Yahoo sacks executive
Source: Agencies |
September 8, 2011, Thursday
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Print Edition
Print Edition
Yahoo Chairman Roy Bostock fired Chief Executive Carol Bartz over the telephone this week, ending a tumultuous tenure marked by stagnation and a rift with Chinese partner Alibaba.
Chief financial officer Tim Morse will step in as interim CEO, and the company will search for a permanent leader to spearhead a battle in online advertising and content with rivals Google and Facebook.
Shares in Yahoo jumped 6 percent in after-hours trading to US$13.7 after closing at US$12.90 on Nasdaq. They are scarcely higher than where they were when Bartz first took the reins in January 2009.
Bostock told staff: "I am very sad to tell you that I have just been fired over the phone by Yahoo's chairman. It has been my pleasure to work with all of you and I wish you only the best going forward."
The turn of events surprised few Wall Street observers, who had tracked a rising torrent of criticism and watched revenue growth falter.
Some analysts said Bartz's departure signaled the company had run out of options having failed to dominate the advertising and content markets and having handed over its search operations to Microsoft.
That partnership, under which Micro-soft handles search for Yahoo's websites and keeps a portion of ad revenue, appears to favor the software company at Yahoo's expense.
Yahoo is still one of the most popular destinations on the Internet, but faces increasing competition from social networking service Facebook, and from Google.
Yahoo said a new executive leadership council will help Morse to manage day-to-day operations as well as supporting "a comprehensive strategic review" to position the company for growth.
Chief financial officer Tim Morse will step in as interim CEO, and the company will search for a permanent leader to spearhead a battle in online advertising and content with rivals Google and Facebook.
Shares in Yahoo jumped 6 percent in after-hours trading to US$13.7 after closing at US$12.90 on Nasdaq. They are scarcely higher than where they were when Bartz first took the reins in January 2009.
Bostock told staff: "I am very sad to tell you that I have just been fired over the phone by Yahoo's chairman. It has been my pleasure to work with all of you and I wish you only the best going forward."
The turn of events surprised few Wall Street observers, who had tracked a rising torrent of criticism and watched revenue growth falter.
Some analysts said Bartz's departure signaled the company had run out of options having failed to dominate the advertising and content markets and having handed over its search operations to Microsoft.
That partnership, under which Micro-soft handles search for Yahoo's websites and keeps a portion of ad revenue, appears to favor the software company at Yahoo's expense.
Yahoo is still one of the most popular destinations on the Internet, but faces increasing competition from social networking service Facebook, and from Google.
Yahoo said a new executive leadership council will help Morse to manage day-to-day operations as well as supporting "a comprehensive strategic review" to position the company for growth.
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