By Marcus Leach

Yahoo! Inc. (NASDAQ: YHOO), have announced the firing of chief executive Carol Bartz with immediate effect.

Yahoo's Board of Directors has appointed Timothy Morse interim Chief Executive Officer.

The internet company have faced hard times of late in attempting to compete with rivals Google and Facebook.

The immediate effect of the firing saw shares jump more than 6% in after-hours trading, pointing to higher trading when Wall Street opened for business on Wednesday.

"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," Roy Bostock, Chairman of the Yahoo! Board, said.

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."

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