Yahoo!’s chief executive officer Carol Bartz has been shown the exit door, new reports confirmed.
As of now, the company has named the acting chief finance officer Timothy Morse as the replacement of Bartz, effective immediately.
Yahoo! also said that it formed an exclusive leadership council which will assist Morse in his operations as the interim CEO until a permanent replacement is found. The same council will also assist the board in carrying out a strategic review of the company’s overall operations.
"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," said Roy Bostock, chairman of the board, according to this The Inquirer report.
"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,” he added.
Meanwhile Morse expressed his gratitude to the board by saying that he was honored to have been picked as the interim CEO, and lead a staff comprising of top-rated executives.