Struggling U.S. Internet search company Yahoo has fired its CEO Carol Bartz ending her 30-months tenure marked by poor ad sales and dwindling profits, CNN reported.
Yahoo said in a statement on Tuesday that Tim Morse, the company's chief financial officer, will take over from Bartz as an interim CEO.
Bartz, 63, joined Yahoo in 2009 on expectations that a Silicon Valley veteran could bring the company out of the slump and stave off the rising competition from Google and Facebook in the area of social networking.
However, she was never a popular choice among shareholders and failed to meet the set price goals. Yahoo continued to lose its popularity both with online users and advertisers.
The company's market share dropped from 16% in 2009 to an estimated 11% this year. In addition, her tenure has been marred by unproductive online search partnership with Microsoft and a questionable investment in Chinese Internet giant Alibaba Group.
Yahoo shareholders met the news of Bartz ouster with apparent enthusiasm, as the shares of the company rose by at least 6.3% to 13.72 following her departure.
Now it is up to Chairman Roy Bostock and Co-founder and director Jerry Yang to find a skilled executive with strategic vision of Internet and social networking trends.
