Yahoo! replaces its CEO Carol Bartz

Yahoo!, a premier digital media company, announced the
replacement of Carol Bartz, from her role as chief executive
officer.Timothy Morse will be the interim chief executive officer.

The board of directors of Yahoo! has also named key
senior Yahoo! executives to a newly formed Executive Leadership Council tasked
with supporting Morse in managing the company’s day-to-day operations until a
permanent chief executive is appointed, as well as supporting a comprehensive
strategic review that the board has initiated to position the company for
future growth.

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,” said Roy Bostock, chairman of the Yahoo! Board.

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,” Bostock added.

Carol is said to have assisted Yahoo! during a critical
time of transition in the company’s history, and against a very challenging
macro-economic backdrop.

In addition to Morse, who will also continue in his role
as chief financial officer of Yahoo!, the Executive Leadership Council will
consist of Michael Callahan, executive vice president, general counsel and
secretary; Blake Irving, executive vice president and chief product officer;
Ross Levinsohn, executive vice president, Americas; Rich Riley, senior vice
president & MD, EMEA Region; and Rose Tsou, senior vice president, APAC
Region. The vo-founders of Yahoo!, David Filo and Jerry Yang, will each
continue as chief Yahoo and will provide counsel to Tim and the Executive
Leadership Council.

It is an honor to be selected for this role and lead the
Company with this world-class team of executives. I look forward to working
with the Executive Leadership Council and the talented employees of Yahoo!, and
to partnering with the Board to invest in the organization and continue to
drive its ongoing growth plans,” said Tim Morse, interim chief executive

The Board is commencing a search for a permanent chief
executive officer and expects to engage the services of a nationally recognized
executive search firm to help it identify candidates for the position as
expeditiously as possible.

By Team
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