Yahoo has formed an "Executive Leadership Council" to govern the struggling Internet company in the wake of Carol Bartz's firing. To fill the void left by Bartz's departure, Yahoo CFO Tim Morse has been promoted to interim CEO.
"The Board 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 company said in a statement released on Tuesday evening.
Yahoo's new executive council contains most of Yahoo's key players. Mike Callahan (EVP, general counsel and secretary), Blake Irving (EVP & CPO), Ross Levinsohn (EVP, Americas), Rich Riley (SVP of the EMEA region) and Rose Tsou (SVP of the APAC region) will sit on the council. Co-founders David Filo and Jerry Yang will not sit on the council, but will remain as Chief Yahoos. As we reported earlier, Yahoo is now conducting a thorough search for the company's next CEO.
The move doesn't change anybody's title (except for Morse) and it doesn't come as a surprise. Bartz's departure leaves a power void that Yahoo will need time to fill. Bartz, known for her bombastic and strong-willed nature, definitely got the last laugh with her feisty email to all Yahoo employees, informing them that she had been fired over the phone by Yahoo Chairman Roy Bostock.