Yahoo! CEO Carol Bartz speaks to members of the Silicon Valley Leadership Group at the Yahoo! headquarters April 27, 2009 in Sunnyvale, California. (Justin Sullivan/Getty Images)

Update 5:58 p.m. Yahoo! has confirmed that Carol Bartz is out as CEO. Chief Financial Officer Tim Morse is taking over as interim CEO.

Adding insult to injury, Yahoo! shares are up over six percent after-hours.

The news was first reported by Kara Swisher on All Things Digital.

A number of sources, including TechCrunch , Valleywag and the New York Times are reporting this was the memo from Bartz to employees announcing her departure:

To all,

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.

Carol

Author

Jon Brooks

Jon Brooks is the host and editor for KQED's daily health and technology blog, Future of You. He is the former editor of KQED News Fix.

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