Bartz on Tuesday saying she had been fired by Yahoo's chairman, the Wall Street Journal's All Things D blog was the first to report. In a , Yahoo said it would seek a permanent replacement for Bartz.
examined some reasons for her departure, tying them mainly to a failure to deliver a turnaround. [Also, read on the management change, and this .]
The 63-year-old Bartz, who took over as CEO in January 2009, often frustrated investors and failed to keep Google Inc. and Facebook Inc. from siphoning off Internet users and advertising revenue. The management change and strategy overhaul show the board is listening to shareholders, Ken Sena, an analyst at New York-based Evercore Partners, told Bloomberg News.
"It shows some accountability for the dissatisfaction that investors have felt over the last few years," Sena said. "The turnaround efforts have not worked and trends seem to be getting worse. I see this as a positive step."
Bartz took over from co-founder Jerry Yang. After that point, Yahoo's stock has gained 6.7%, compared with a 34% rise for the Standard & Poor's 500 index. The shares rose 4 cents to $12.91 on Tuesday on the Nasdaq Stock Market before the announcement. They have dropped 22% this year.