CNET has news that Yahoo!'s board has removed CEO Carol Bartz and replaced her with CFO Tim Morse.
UPDATE (9/7/11): CNET has a timeline breaking down key events at Yahoo! since 2008.
Bartz sent an email to employees stating "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 brought to Yahoo! in 2009 to replace founder Jerry Yang and has been struggling to make Yahoo! relevant in the face of the Google juggernaut. Prior to Bartz joining Yahoo!, Yang had turned away a $33 a share bid from Microsoft and has never seen its stock as high since. Bartz led aggressive layoffs to try to improve the company's bottom line.
Yahoo!'s board remains confident about it's future growth, according to the press release announcing Bartz's departure . The reason for their bullish attitude is a mystery to me.