Carol Bartz, the CEO appointed two years ago to turn around the flagging Yahoo!, as been fired – via a phone call.

Bartz, who received the call while on the road, sent a farewell e-mail to employees titled “Goodbye” and 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”.

Timothy Morse has been appointed as 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.

The board has initiated a comprehensive strategic review aimed at positioned the company for future growth.

Roy Bostock, chairman of the Yahoo! Board, comments: “The board sees enormous growth opportunities on which Yahoo! can capitalise, and our primary objective is to leverage the company’s leadership and current business assets and platforms to execute against these opportunities.

“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.”