Yahoo (Nasdaq: YHOO) CEO Carol Bartz is out, booted by the company's board because her turnaround strategy--one she said in April was on track--wasn't working fast enough.
Despite the company's more than $1 billion profit last year, investors have been critical of her leadership and celebrated the move in after hours trading yesterday, pushing the company's share price up 6 percent, a significant move considering share prices had been flat during her reign.
CFO Tim Morse has been named interim CEO while the board searches for a new chief executive.
Under Bartz, Yahoo increasingly has been a proponent of online video, in June issuing a report that showed viewers were changing their habits, watching more video online during what traditionally had been prime time for television.
She also has been a driving force behind the company's bid for Hulu, and was identified as one of four bidders, Amazon (Nasdaq: AMZN), Dish Network (Nasdaq: DISH) and Google (Nasdaq: GOOG), still in contention for the site, with big in the range of $1.5 billion to $2 billion.
According to the Wall Street Journal, sources said the Hulu bid remains in play. In a Tuesday statement, Yahoo said it is undergoing a "comprehensive strategic review" but didn't offer details.
For more:
- see this WSJ article
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