Yahoo has told its CEO Carol Bartz to clean out her desk and collect her P45 and pink slip.
Bartz was hired with great fanfare with the aim of saving the search engine outfit from obscurity, however she did not seem to do much other than make a deal with Microsoft.
In a statement, Yahoo announced Bartz had been “removed” from her post and would be replaced by chief financial officer Timothy Morse. The company will then scout around looking for anyone who can handle the taste of poisoned Chalice.
According to the Guardian Bartz sent an email to employees from her iPad. It was titled “Goodbye,” and said: “I am very sad to tell you that I’ve just been fired over the phone by Yahoo’s chairman of the board.” She wrote, “It has been my pleasure to work with all of you and I wish you only the best going forward.”
Yahoo has consistently lost ground on advertising over the years. Even Facebook is primed to overtake Yahoo this year to collect the biggest slice of online display advertising dollars in the US.
Bartz joined Yahoo in January 2009, replacing co-founder Jerry Yang who also had no luck turning the outfit around.
When Bartz joined the firm its shares were trading for around $12 after Wall Street heard of her exit shares jumped more than 6 per cent in after-hours trade to $13.72. To put this in some perspective, there once was a time that a Yahoo share would have set you back $125.
Wall Street lost interest in Bartz when she failed to do that much and mishandled the firm’s strained relationship with China’s Alibaba Group.
Alibaba had handed Alipay to a company controlled by Alibaba founder Jack Ma, apparently without Yahoo’s knowledge. Alibaba claimed that Yahoo was fully aware of the transaction.
In June, Yahoo chairman Roy Bostock gave his public support to Bartz at the company’s annual general meeting which must have been to cover up the sound of him sharpening his knives and axe.
Bartz once told Michael Arrington, founder of the Techcrunch website to “f*** off” during a staged interview at an industry event. By a coincidence Arrington exited Techcrunch in the same week that Bartz was fired. So they both “f***ed off” at the same time.
Yahoo’s building in Satan Clara has bad feng shui, according to a senior executive who then worked for AMD.