Yahoo shares rise after exit of CEO Carol Bartz
Yahoo's stock rose 4.49%, or about 58 cents per share, on Wednesday in midday trading as investors reacted to the news that the online company had fired its CEO Carol Bartz.
Bartz was let go on Tuesday and reportedly told of the change in a phone call from company Chairman Roy Bostock. Timothy Morse, Yahoo's chief financial officer, has been named interim chief executive.
The positive take from investors with Bartz ouster isn't terribly surprising given that as CEO she has faced a lot investor criticism to her approach at running the one-time industry giant, which has experienced a decline in revenue over the last few years.
-- Nathan Olivarez-Giles
Photo: Carol Bartz, ex-president and CEO of Yahoo Inc., speaks at a Bloomberg BusinessWeek "Captains of Industry" event at the 92nd Street Y in New York City in December 2010. Credit: Ramin Talaie / Bloomberg