Three days after she was given the pink slip by Yahoo, Carol Bartz has resigned from the company's board as well on Friday.
On Sept. 6, Yahoo fired Bartz from her job as chief executive. Although Yahoo's board didn't give any reason, it's quite conceivable that Bartz didn't enjoy a rosy bed during her 30 months tenure at the company.
Bartz, 62, who was well-regarded for her term at Autodesk, did clear up the company and cut some costs. But her accomplishments were not what Yahoo needed. The continuous flow of talent out of the company highlighted Bartz's lack of success, making it even more unlikely as time passed by.
Following her dismissal, Bartz gave an interview to Fortune magazine, in which she called the other board members doofuses. These people f---ed me over, she said.
Bartz told Fortune that since Yahoo rejected a $44.6 billion buyout offer from Microsoft in 2008, the company's board was under tremendous pressure to increase revenue. After turning down the lucrative offer, the board faced criticism, which made it impatient, Bartz added.
The board was so spooked by being cast as the worst board in the country, Bartz says. Now they're trying to show that they're not the doofuses that they are.
According to regulatory filings, Bartz will receive a hefty severance package of $10 million.
When Bartz was hired in January 2009, analysts considered that Yahoo had typically made the safest move by choosing an experienced and strong public company CEO. But they also pointed out that Bartz lacked experience in advertising and the Web 2.0.
Looking at Yahoo's recent financial results, it can easily be concluded that the company is in trouble. From its struggling advertising business to the mounting attrition rate among engineers, Yahoo is surrounded by a string of hazards. The company's almost stalled product innovation cycle is just another proof of its fraught situation.