Yahoo! CEO fired with immediate effect

Yahoo! said Carol Bartz was being removed "effective immediately" and that chief financial officer Timothy Morse would serve as interim chief executive while the board of directors searches for a new CEO.

"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," Yahoo! chairman Roy Bostock said in a statement.

While thanking Bartz, Bostock made it clear that the board believes the company has failed to live up to its potential.

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