Things Are Shaking For Yahoo…
We Announced some changes for Yahoo last week, and here we are. Yahoo Inc Chief Financial Officer Blake Jorgensen is leaving amid a broad reorganization initiated by new CEO Carol Bartz to dismantle the “silos” that slowed down the Internet company.
Bartz, who took the reins six weeks ago, announced the changes in a blog post on Thursday, as well as in an e-mail to Yahoo employees.
“Today I’m rolling out a new management structure that I believe will make Yahoo a lot faster on its feet,” Bartz wrote on the corporate blog. “We’ll be able to make speedier decisions, the notorious silos are gone, and we have a renewed focus on the customer.”
Yahoo’s technology and product groups will be combined into one entity led by Chief Technology Officer Ari Balogh, according to Bartz’s email to employees.
The company, which lags far behind Internet search leader Google Inc, has initiated a search for a new CFO, and Jorgensen will remain through a transition period, Yahoo said in a filing with the U.S. Securities and Exchange Commission on Thursday.
Jorgensen is the latest executive to depart in recent weeks. Neeraj Khemlani, head of Yahoo’s news and information group, and Jill Nash, chief communications officer, have also left the company.
Bartz said in the memo to employees that Marco Boerries, head of the company’s Connected Life group, has also resigned. The Connected Life group, which focused on bringing Yahoo products to mobile devices, will be integrated into various parts of the new organization.
A Yahoo spokeswoman said the company would not provide any official announcement on the reorganization, other than Bartz’s blog post, calling it an internal matter.
Yahoo shares were up 5.3 percent at $13.14 on Nasdaq. They had risen as much as 7.3 percent earlier in the day on Jorgensen’s comments at a technology conference on Wednesday that indicated the company was open to a sale of its search business.
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