In a press realease on 6th September 2011, Yahoo! Inc., the Sunnyville, California based, Internet giant have announced “Leadership Reorganization”.
During the process, the board of directors appointed Timothy Morse as the interim CEO of the company, effective immediately. In other words current CEO Carol Bartz, is out with the immediate effect as the CEO of the company. She was informed by Yahoo! chairman Roy Bostock late Tuesday of the board’s decision to let her go. which ended her 30-month tenure as CEO. Timothy is the CFO (Chief Financial Officer) of the company as of now. It is interesting to know that as Timothy is the “interim” replacement, as said by the company, the company is still in the process to find a permanent replacement. Timothy may retain the position or may we hear another fellow taking over the duties of the CEO. Though he will continue doing is duties as the CFO, during the phase. IT industry have seen another change in the major top-level organization board (CEO to be precise) after Steve Jobs, in small period of time.
The newly appointed interim CEO said “It is an honor to be selected for this role and lead the Company with this world-class team of executives. 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.”
Let us look forward to see what impact it makes to the IT industry and but of course how the stock market reflects the same.
Curtsey: the Internet