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.
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.