Bloomberg News

Bartz Has Resigned as Yahoo Director, Board Spokesman Says

September 12, 2011

(Updates shares in fifth paragraph.)

Sept. 12 (Bloomberg) -- Yahoo! Inc.’s former Chief Executive Officer Carol Bartz has resigned from the board, severing the last ties with the Internet company after a tumultuous ouster.

Bartz stepped down as a director on Sept. 9, said Charles Sipkins, a spokesman for Sunnyvale, California-based Yahoo’s board. She was fired by telephone three days earlier by Chairman Roy Bostock, leading Bartz to accuse the board of mistreatment in a Fortune magazine interview.

Bartz had said to Fortune that she planned to remain on as a director following her firing as CEO, prompting the board to issue a statement last week saying she was obligated to resign. In the same interview, she called her fellow directors “doofuses” and said they “f---ed me over.”

Bartz, who took over as CEO in January 2009, failed to keep Google Inc. and Facebook Inc. from gaining users and advertising revenue. Bartz, 63, also rankled investors with her handling of assets in Asia, including a stake in Alibaba Group Holding Ltd. and Yahoo Japan Corp. She feuded publicly with Alibaba Group CEO Jack Ma, who spun off one of his company’s most valuable assets, the Alipay payment business, without compensating Yahoo shareholders until later.

Under Bartz, Yahoo’s stock gained 6.7 percent, compared with a 34 percent increase for the Standard & Poor’s 500 Index. Since Bartz was fired, the shares have climbed more than 10 percent. Yahoo fell 22 cents, or 1.5 percent, to $14.26 at 4 p.m. New York time on the Nasdaq Stock Market.

--Editors: Nick Turner, Kevin Miller

To contact the reporter on this story: Brian Womack in San Francisco at bwomack1@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net


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