nline media company Yahoo has fired chief executive officer Carol Bartz, who was brought on board two years ago to turn around the company's troubled fortunes, and named Chief Financial Officer Tim Morse as interim chief executive.

Under a 'leadership reorganisation' move, the California-based company on Tuesday announced that its board of directors has appointed Morse as interim CEO with immediate effect, replacing Bartz, "who has been removed by the board from her role" as CEO.

Morse would continue to shoulder the responsibilities of his current role as Yahoo chief financial officer.

In an e-mail message to employees titled 'Goodbye', Bartz, 62, said she is "very sad to tell you that I have 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," she wrote.