Yahoo has announced that CEO Carol Bartz has been 'removed by the Board from her role as chief executive officer'.
Describing the ousting as a 'leadership reorganisation', Yahoo has appointed Timothy Morse as an interim CEO while the hunt is on for someone with the cojones to take the role on permanently.
"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," said Roy Bostock, chairman of the Yahoo board, in a statement.
After the announcement was made, Yahoo's shares shot up over six per cent, which isn't going to do much for Bartz's confidence now that she's back on the job hunt.
Bartz announced her firing via an email to all staff, which read: "I am very sad to tell you that I've just been fired over the phone by Yahoo's chairman of the board.
"It has been my pleasure to work with all of you and I wish you only the best going forward."
Bartz was announced as the successor to Jerry Yang back in 2009, and tasked with turning Yahoo's ailing fortunes around in the face of competition from Google and Microsoft.
The firing of Carol Bartz may come as somewhat of a shock to the 77 per cent of workers who said they approved of the way the CEO was leading the company in April this year.
The other CEOs named in that approval hot-list have all but disappeared since then too, with Eric Schmidt and Steve Jobs both stepping down. Someone keep an eye on Michael Dell, will you?