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Yahoo ousts Bartz as CEO

Published: 15:23 07 Sep 2011 BST

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Yahoo! (NASDAQ:YHOO) Wednesday parted company with CEO Carol Bartz less than three years after she was brought in to turn the Californian Internet company around.

CFO Tim Morse will serve as interim CEO while the company seeks a replacement. Bartz joined Yahoo! from computer-aided design software company Autodesk in 2009, where she spent 14 years. 

As at 10.08am EDT, shares were up 5.93% to $13.69.

Yahoo has been losing market share to Google and Facebook, a slide that continued after Bartz was named CEO at the start of 2009.

Bartz had struggled with several issues since her 2009 hiring. Earlier this year Google (NASDAQ:GOOG) passed Yahoo as the largest display ad player, for example, and Facebook is expected to pass both of them this year. This is a major blow to Yahoo, which had long been a leader in display advertising.

The company has also struggled with integrating its search system with Microsoft’s (NASDAQ:MSFT) Bing in a deal that was struck two years ago. And business outside the US has faced challenges, specifically in Asia where Bartz clashed with business partner Alibaba (OTCC:ALBIY) CEO Jack Ma.

Yahoo! chairman Roy Bostock said: "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."

The company's board also announced a newly formed executive leadership council to assist with the review while some analysts are suggesting the company should cut its losses and either go private or sell itself to one of its competitors.

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