Yahoo confirmed late Tuesday that the board of directors has fired CEO Carol Bartz, whom Timothy Morse will replace as interim CEO, effective immediately, Media Post reported.
“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,” according to Yahoo chairman Roy Bostock in a statement.
Bartz had struggled with several issues since her tenure in 2009. In terms of U.S. display advertising, Yahoo’s share to drop to 13.1 percent this year, down from 14.4 percent in 2010. The overall display ad market, however, is set to increase 24.5 percent from $9.91 billion last year to $12.33 billion in 2011, according to eMarketer.
Also, Yahoo’s share of U.S. online display ad revenue declined, while competitors, such as Facebook, continue to rise. Facebook’s share will reach 17.7 percent this year, up from a 12.2 percent last year, while Google will see its share up to 9.3 percent from 8.6 percent in 2010.
Yahoo also has its search ad revenue in U.S. surpassed by Microsoft for the first time in 2011. Yahoo’s share shrunk to 7.9 percent from 10.7 percent in 2010, while the market leader Google has its share up to 75.9 percent this year, from 73.6 percent in 2010 and 69.8 percent in 2009,according to Marketing Mag.
Image: AP Photo/Paul Sakuma