Carol Bartz has been ousted as Yahoo!'s chief executive, ending a 30-month, sometimes-tumultuous tenure as CEO.
Bartz was informed by Yahoo! chairman Roy Bostock late Tuesday of the board's decision to let her go.
She will be replaced by chief financial officer Timothy Morse on an interim basis; a search for a permanent replacement is under way.
Bartz's reported departure was first reported by All Things Digital's Kara Swisher.
"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," Bostock said in a statement. "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."
That executive leadership council includes Morse; general counsel Michael Callahan; chief product officer Blake Irving; Americas EVP Ross Levinsohn; EMEA region SVP and managing director Rich Riley; and APAC region SVP Rose Tsou. Yahoo! co-founders David Filo and Jerry Yang will each continue to provide counsel to the executive leadership team.
Bartz was installed as CEO in January 2009, charged with turning around the company's fortunes after its co-founder Jerry Yang and ex-film studio boss Terry Semel could not. But Wall Street investors had grown impatient in recent months with her lack of progress in doing so.
Yahoo!'s share price--$12.91--is virtually unchanged since Bartz took over as CEO. The company's shares jumped 81 cents to $13.72--or 6.27 percent--in after-hours trading on Tuesday, an indication that investors approved the removal of Bartz.
Bartz could not be reached for comment; an email sent to Bartz's Yahoo! corporate account bounced.
"The board sees enormous growth opportunities on which Yahoo! can capitalize, and our primary objective is to leverage the company's leadership and current business assets and platforms to execute against these opportunities," Bostock added. "We have talented teams and tremendous resources behind them and intend to return the company to a path of robust growth and industry-leading innovation. 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."