Yahoo CEO Carol Bartz was given the boot yesterday after nearly three years with the company. CFO Tim Morse will take over in the interim.
Bartz’s reign at the top of Yahoo was spotty at best. The Internet giant had declining revenues in every quarter of her tenure. Granted, the economy hasn’t been so sterling during that time. But that hasn’t stopped Google and Facebook from gaining market share. The LA Times reports that since Bartz took over Google’s share of online advertising has risen from 35% to 41%, while Facebook occupies 7% of that total. Yahoo, meanwhile, dropped from 16% to 11%.
Yahoo’s stock surged nearly six percent today following news of Bartz’ sacking. Which works out well for Bartz, actually, because despite her spotty performance she exits with massive amounts of stock options. Not only that, but CNN reports that according to regulatory filings, Bartz was fired “without cause.” Which means she’s eligible for a massive severance.
Even if you’re bad, it’s good to be the CEO.