Yahoo board made a number of sweeping changes to its leadership structure. The biggest reorganization started with the firing of its CEO Carol Bartz. Yahoo board of directors has appointed Yahoo CFO Timothy Morse as interim CEO, effective immediately. Yahoo press release announcing these changes said that it has begun the search for a suitable person to be the permanent CEO.
In a memo sent to all of Yahoo employees, Carol Bartz thanked everyone and took a dig at the Yahoo board by saying that she was fired over phone. Carol Bartz came to the struggling Yahoo as CEO in early 2009 by replacing Yahoo co-founder Jerry Yang as CEO. Carol Bartz’ time as Yahoo CEO was equally a tough period for her and Yahoo. Before coming to Yahoo Ms. Bartz served as the Executive Chairman of the Board of Autodesk, Inc., from May 2006 to February 2009. Earlier, Carol Bartz served in a number of positions at Sun Microsystems, including as Vice President of Worldwide Field Operations and as an executive officer.
Here is full press release from Yahoo firing Carol Bartz and announcing other leadership changes in Yahoo.
Yahoo! Announces Leadership Reorganization
Board Appoints Timothy Morse Interim CEO
Board Initiates Search for Permanent CEO
SUNNYVALE, Calif.–(BUSINESS WIRE)– Yahoo! Inc. (NASDAQ: YHOO), the premier digital media company, today announced a leadership reorganization under which the Board of Directors has appointed Timothy Morse interim Chief Executive Officer, effective immediately, replacing Carol Bartz, who has been removed by the Board from her role as Chief Executive Officer.
The Board has also named key senior Yahoo! executives to a newly formed Executive Leadership Council tasked with supporting Morse in managing the Company’s day-to-day operations until a permanent chief executive is appointed, as well as supporting a comprehensive strategic review that the Board has initiated to position the Company for future growth.
Roy Bostock, Chairman of the Yahoo! Board, said, “The Board sees enormous growth opportunities on which Yahoo! can capitalize, and our primary objective is to leverage the Company’s leadership and current business assets and platforms to execute against these opportunities. We have talented teams and tremendous resources behind them and intend to return the Company to a path of robust growth and industry-leading innovation. We are committed to exploring and evaluating possibilities and opportunities that will put Yahoo! on a trajectory for growth and innovation and deliver value to shareholders.”
Bostock continued, “On behalf of the entire Board, I want to thank Carol for her service to Yahoo! during a critical time of transition in the Company’s history, and against a very challenging macro-economic backdrop. I would also like to express the Board’s appreciation to Tim and thank him for accepting this important role. We have great confidence in his abilities and in those of the other executives who have been named to the Executive Leadership Council.”
In addition to Morse, who will also continue in his role as Chief Financial Officer of Yahoo!, the Executive Leadership Council will consist of Michael Callahan, Executive Vice President, General Counsel and Secretary; Blake Irving, Executive Vice President and Chief Product Officer; Ross Levinsohn, Executive Vice President, Americas; Rich Riley, Senior Vice President & MD, EMEA Region; and Rose Tsou, Senior Vice President, APAC Region. The Co-founders of Yahoo!, David Filo and Jerry Yang, will each continue as Chief Yahoo and will provide counsel to Tim and the Executive Leadership Council.
“It is an honor to be selected for this role and lead the Company with this world-class team of executives. I look forward to working with the Executive Leadership Council and the talented employees of Yahoo!, and to partnering with the Board to invest in the organization and continue to drive its ongoing growth plans,” said Tim Morse, Interim Chief Executive Officer.
The Board is commencing a search for a permanent Chief Executive Officer and expects to engage the services of a nationally recognized executive search firm to help it identify candidates for the position as expeditiously as possible.