Word has hit the wire that Yahoo chairman Roy Bostock fired CEO Carol Bartz over the phone yesterday. Chief Financial Officer Tim Morse will step in as interim CEO while the company searches a permanent replacement.
Shares in Yahoo jumped 6 percent in after-hours trading to $13.7 after closing at $12.90 on the Nasdaq. They are scarcely higher than where they were when Bartz first took the reins in January 2009 with hopes of reviving stalled growth and competing with up-and-coming rivals.
On Tuesday, her efforts were abruptly halted after Bostock called with the bad news.
"I am very sad to tell you that I've just been fired over the phone by Yahoo's Chairman of the Board. It has been my pleasure to work with all of you and I wish you only the best going forward," the outspoken CEO said in a two-sentence email to employees obtained by Reuters.