INTERNET PORTAL Yahoo has fired CEO Carol Bartz, effective immediately.
Yahoo, which is an internet advertising outfit and claims to be a premier digital media company, has appointed CFO Timothy Morse as interim CEO.
The firm has also created an executive leadership council that it said would assist Morse in his new role until a replacement CEO is found.
Perhaps more importantly though, this council will support Yahoo's board in its plans for a strategic review of the company's operations.
"The Board sees enormous growth opportunities on which Yahoo can capitalize, and our primary objective is to leverage the Company's leadership and current business assets and platforms to execute against these opportunities," said Roy Bostock, chairman of the board.
"We have talented teams and tremendous resources behind them and intend to return the Company to a path of robust growth and industry-leading innovation. 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 leadership council, which sounds like it involves the wearing of robes, will include: Michael Callahan, EVP, general counsel and secretary; Blake Irving, EVP and chief product officer; Ross Levinsohn, EVP, Americas; Rich Riley, SVP and MD, EMEA Region; and Rose Tsou, SVP and MD, APAC Region.
Yahoo co-founders David Filo and Jerry Yang will also provide counsel to the council.
"It is an honor to be selected for this role and lead the Company with this world-class team of executives," said Morse.
"I look forward to working with the Executive Leadership Council and the talented employees of Yahoo, and to partnering with the Board to invest in the organization and continue to drive its ongoing growth plans."
Morse might have something of a job on his hands, but as CFO we expect he knew that already. In its latest financial results the firm had some positives to report, but it is a shadow of its former self. Once an internet search giant, Yahoo can't be called that now. µ