(SUNNYVALE, Calif.) -- Carol Bartz has been given the boot from her position as Yahoo Inc.'s CEO.
In a statement Tuesday, the Internet company announced that its Board of Directors removed Bartz from her role and appointed Chief Financial Officer Timothy Morse to serve as her replacement in the meantime. Her removal comes after she led the company for two-and-a-half years.
Board Chairman Roy Bostock said, "On behalf of the entire Board, I want to thank Carol for her service to Yahoo! during a critical time of transition in the Company's history, and against a very challenging macro-economic backdrop. I would also like to express the Board's appreciation to Tim and thank him for accepting this important role. We have great confidence in his abilities and in those of the other executives who have been named to the Executive Leadership Council."
The Board has also formed a new council to assist Morse with his new responsibilities while the company searches for a permanent CEO.
Copyright 2011 ABC News Radio