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Showing posts with label Chairman. Show all posts
Showing posts with label Chairman. Show all posts

Wednesday 7 September 2011

Yahoo fires chief executive Carol Bartz

Image representing Yahoo! as depicted in Crunc...


Yahoo CEO Carol Bartz has told staff in an email she was fired over the phone by the chairman of the board

in New York  

Carol Bartz
Carol Bartz has been fired as CEO of Yahoo. Photograph: HO/AFP/Getty Images
Carol Bartz, Yahoo's chief executive, was fired late on Tuesday ending a rocky tenure in which she tried and failed to revitalise the online giant.

In a statement the company announced Bartz had been "removed" from her post and would be replaced by chief financial officer Timothy Morse "effective immediately" on an interim basis as the firm began the search for a new, permanent CEO.

In an e-mail sent to employees from her iPad and titled "Goodbye," Bartz wrote: "I am very sad to tell you that I've just been fired over the phone by Yahoo's chairman of the board." She wrote, "It has been my pleasure to work with all of you and I wish you only the best going forward."

The combative chief executive had been under pressure to turnaround Yahoo from the day she was appointed. Yahoo remains one of the biggest destinations on the internet but has lost gound with advertisers and audience to Google, Facebook and services like Twitter.



According to research firm eMarketer Facebook is set to overtake Yahoo this year to collect the biggest slice of online display advertising dollars in the US.

Bartz joined Yahoo in January 2009, replacing co-founder Jerry Yang who had returned to the helm of the company in an ill-fated bid to turn its fortunes around. When Bartz joined the firm its shares were trading for around $12. After news of her departure broke, the shares jumped more than 6% in after-hours trade to $13.72, from a close of $12.91 on the Nasdaq. In January 2000, near the end of the dot-com bubble, Yahoo's shares traded at more than $125 a piece.

Bartz had also fallen out of favour with Wall Street investors, unhappy with her turnaround strategy and her handling of the firm's strained relatonship with China's Alibaba Group, in which it holds a 40% stake.

In June Yahoo chairman Roy Bostock gave his public support to Bartz at the company's annual general meeting. "This board is very supportive of Carol and this management team," Bostock said in his opening remarks. "We are confident that Yahoo is headed in the right direction."

Bartz, had previously been chairman of software firm Autodesk. She arrived with a reputation as a tough talker and reinforced it early in her tenure by telling Michael Arrington, founder of the influential Techcrunch website to "f*** off" during a staged interview at an industry event.

Her management style came under fire after the company's apparent mishandling of its relationship with Alibaba. In May when it was revealed that Alibaba had handed Alipay - one of Alibaba's crown jewels - to a company controlled by Alibaba founder Jack Ma, apparently without Yahoo's knowledge. Alibaba said Yahoo was fully aware of the transaction and the two sides openly bickered about the deal.

Yahoo is conducting a strategic review of the company's options, including possible divestment of its Asian holdings. It cautioned that no decisions had yet been made.

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 company also said its directors named five other senior Yahoo executives to an executive leadership council that is intended to help Morse, a former chief financial officer at Altera, a semiconductor makers, and at General Electric Plastics, manage the company.

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Yahoo boss Carol Bartz is fired by US internet company

Carol Bartz was brought on board to change the fortunes of the search and internet company
Carol Bartz  

Yahoo's chief executive Carol Bartz has been fired by the internet company after two-and-a-half years in the top job. 

The company said in a statement that Ms Bartz was removed by the board of directors, effective immediately.

Tim Morse, Yahoo's chief financial officer, will take over from Ms Bartz.

Yahoo has been struggling to increase its market share as it faces increased competition from rivals such as Google and Facebook.

Yahoo shares jumped more than 6% in after-hours trading after news of the firing broke, indicating they would trade higher when Wall Street opens for business on Wednesday. Yahoo's stock price was up at $13.72, an increase of 81 cents.

Mr Morse will serve as interim chief executive and the board of directors will look for a new CEO, the company said.

No turnaround

Ms Bartz was hired to run Yahoo in early 2009, taking over from co-founder Jerry Yang.

She made significant changes to the management team and cut jobs to save on costs. She also shifted the focus of the traditionally search-oriented firm towards more personalized content.

“Start Quote

I am very sad to tell you that I've just been fired over the phone by Yahoo's chairman of the board”
Carol Bartz Former CEO, Yahoo
 
However, Larry Magid, a technology analyst at C-net, said the company has not seen enough of a turn-around under Ms Bartz's leadership.

"She hasn't done anything to change the company's fortunes, and they are still anxious to find a leader who can move them up," he said.

Critics also claim that Yahoo has failed to make significant strides in two of the most lucrative segments of the market; search and social networking.

"Facebook is way ahead, and now even Google is way ahead of Yahoo in social networking," C-net's Mr Magid added.

"In terms of the potential for long-term revenue it's just not there. They've got some great sites, great information resources, news, stocks, sports, but that's not what bringing in the money."

Phone firing

The news first broke on the Wall Street Journal's All Things D website, which quoted an email from Ms Bartz to Yahoo staff. The email has since been reported by other news agencies including Bloomberg and Reuters.

"I am very sad to tell you that I've just been fired over the phone by Yahoo's chairman of the board," Ms Bartz said in the email to staff.

"It has been my pleasure to work with all of you and I wish you only the best going forward."

As news of the sacking spread across the internet, Yahoo released its own press statement in which it confirmed it was undergoing a "leadership reorganisation" and that Ms Bartz would be leaving the company.

Roy Bostock, chairman of Yahoo's board, said in the statement: "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."

He added that he saw "enormous growth opportunities" for the firm.

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Saturday 27 August 2011

iQuit - Steve Jobs Resigns: Apple CEO Stepping Down






Official Press Release from Apple

CUPERTINO, California - Apple’s Board of Directors today announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple's Board. “Steve has made countless contributions to Apple’s success, and he has attracted and inspired Apple’s immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

“The Board has complete confidence that Tim is the right person to be our next CEO,” added Levinson. “Tim’s 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does.”



Jobs submitted his resignation to the Board today and strongly recommended that the Board implement its succession plan and name Tim Cook as CEO.

Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.


Letter from Steve Jobs
August 24, 2011

To the Apple Board of Directors and the Apple Community:

I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.

Who is Tim Cook?


Currently. Timothy D. Cook is Apple’s chief operating officer and reports to Apple’s CEO. Cook is responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries. He also heads Apple’s Macintosh division and plays a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

Before joining Apple, Cook was vice president of Corporate Materials for Compaq and was responsible for procuring and managing all of Compaq’s product inventory. Previous to his work at Compaq, Cook was the chief operating officer of the Reseller Division at Intelligent Electronics.

Cook also spent 12 years with IBM, most recently as director of North American Fulfillment where he led manufacturing and distribution functions for IBM’s Personal Computer Company in North and Latin America.

Cook earned an M.B.A. from Duke University, where he was a Fuqua Scholar, and a Bachelor of Science degree in Industrial Engineering from Auburn University.

Read more: http://everythinginbudget.blogspot.com/2011/08/iquit-steve-jobs-resigns-apple-ceo.html#ixzz1WCRuy0gc

Steve Jobs - The iCon says 'iQuit'

Steve Jobs has resigned in a long-expected move and named Chief Operating Officer Tim Cook as his replacement. In tribute to the 'iCon' here's a look at Jobs through the years. PHOTOS BELOW.

Steve Jobs(AP Photo)
In Pictures: Steve Jobs through the years
Click on the thumbnails BELOW to view a brief history of Steve Jobs' now legendary career. 

Apple's legendary co-founder and top ideas man Steve Jobs resigned as chief executive Wednesday, the company said, in a long expected move after he began a dramatic fight with cancer.

In a written statement, Apple, the world's second biggest company by market capitalization, announced that chief operating officer Tim Cook would take over as CEO but that Jobs would stay on as chairman of the board.

"Steve's extraordinary vision and leadership saved Apple and guided it to its position as the world's most innovative and valuable technology company," board member Art Levinson said in a statement.

No reason was given for Job's resignation, but his health problems, including a lengthy medical leave for a liver transplant in 2009 and his increasingly gaunt appearances at public events, fueled speculation he would have to give up the everyday running of the company he co-founded in 1976.

Cook ran Apple when Jobs went on medical leave and has essentially been running day-to-day operations since early this year with the company racking up record revenue and profit.

Jobs is seen as the heart and soul of Apple, with analysts and investors repeatedly expressing concern over how the Cupertino, California-based company would handle his departure.

"The board has complete confidence that Tim is the right person to be our next CEO," Levinson said.

"Tim's 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does," Levinson continued.

Jobs submitted his resignation on Wednesday and urged the board to implement its succession plan and name Cook as his replacement, according to Apple.

In Pictures: Steve Jobs through the years

Cook was previously responsible for Apple's worldwide sales and operations, including management of the supply chain, sales activities, and service and support in all markets and countries.

Jobs is a living legend in Silicon Valley. He is the beloved visionary behind the Macintosh computer, the iPod, the iPhone and the iPad.

Born on February 24, 1955 in San Francisco to a single mother and adopted by a couple in nearby Mountain View at barely a week old, he grew up among the orchards that would one day become the technology hub known as Silicon Valley.

Jobs was 21 and Steve Wozniak 26 when they founded Apple Computer in the garage of Jobs's family home in 1976.

While Microsoft licensed its software to computer makers that cranked out machines priced for the masses, Apple kept its technology private and catered to people willing to pay for superior performance and design.

Under Jobs, the company introduced its first Apple computers and then the Macintosh, which became wildly popular in the 1980s.

Apple's innovations include the "computer mouse" to make it easy for users to activate programs or open files.

Jobs was elevated to idol status by ranks of Macintosh computer devotees, many of whom saw themselves as a sort of rebel alliance opposing the powerful empire Microsoft built with its ubiquitous Windows operating systems.

Jobs left Apple in 1985 after an internal power struggle and started NeXT Computer company specializing in sophisticated workstations for businesses.

He co-founded Academy-Award-winning Pixar in 1986 from a former Lucasfilm computer graphics unit that he reportedly bought from movie industry titan George Lucas for $10 million.

Apple's luster faded after Jobs left the company, but they reconciled in 1996 with Apple buying NeXT for 429 million dollars and Jobs ascending once again to the Apple throne.

Since then, Apple has gone from strength to strength as Jobs revamped the Macintosh line, revolutionizing modern culture with the introductions of the iPod, iPhone, iPad, and iTunes online shop for digital content.