Yahoo hires new advisers post-Bartz, but can they turn the company around?

We’re reading reports that Yahoo is hiring a new team of advisory firms and financial professionals to help resuscitate the company following the dramatic ouster of former CEO Carol Bartz.

In addition to engaging the services of a large executive search firm to find a new CEO, Yahoo is also looking for new, general strategic help.

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All Things D’s Kara Swisher reports that sources close to the matter say the board is considering a range of options.

The advisers the company chooses will conduct a thorough review of Yahoo’s performance and assets and may decide to get rid of underperforming products or departments, find fresh investments or acquire other companies. Selling the company, Swisher says, is a less likely option.

“The board sees enormous growth opportunities on which Yahoo can capitalize, and our primary objective is to leverage the company’s leadership and current business assets and platforms to execute against these opportunities,” said the baord’s chairman, Roy Bostock, in a statement.

“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.”

Yesterday, Bartz announced to employees that she had been fired by the board via email. In her two-year stint as CEO, Bartz was charged with revitalizing a one-time pioneer and improving its sluggish performance. However, the company continued to lose market and revenue share to Google and newcomer Facebook in spite of Bartz’s efforts.

So now, Yahoo will be searching for larger, more experienced entities to do what Bartz could not. According to reports, the company is considering working with Aol adviser Allen & Co. and possibly with “usual suspects” such as Morgan Stanley, JPMorgan Chase and Goldman Sachs or smaller consultancies.

With any luck, fresh blood and bold changes could help Yahoo turn its still-powerful properties into stronger profits and secure a brighter future for the struggling company.