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 opened 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.
Read More/Source: BBC News