In what is the latest turn in the recent happenings at Yahoo, Carol Bartz has resigned from the company’s board of directors, close on the heels of her last week ouster as the CEO.
According to a confirmation by a Yahoo spokesman on Sunday, Bartz’s resignation – which took effect last Friday – is a result of immense pressure from investors who have long been expressing their displeasure at the management and performance of the Internet firm.
A campaign for a revamp of the Yahoo board, including the demand for Bartz’s resignation, was launched by Daniel Loeb on Thursday last week. Bartz had initially resisted the call to step down from the company’s board; and had, in an interview with the Fortune magazine, termed her fellow members of the board as “doofuses.”
It was on Tuesday last that Bartz’s dismissal as the Yahoo CEO was abruptly announced dismissed – a move that after less than three years of her headship one of the most visited Internet sites. In an e-mail to the Yahoo employees, Bartz said that she had been fired over the phone by the company’s chairman, Roy Bostock.
Noting that “it is time that certain members of this Board were held accountable for its past failures and their individual roles,” Loeb wrote in a letter to Yahoo on behalf of Third Point, a reputed investment firm with $8billion under management, that the revamping of the Yahoo board “is crucial to provide any serious CEO candidate or strategic counterparty with a stable and responsive governance structure.”
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