Yahoo's new CEO Carol Bartz has started to shake things up at the online media giant. The company disclosed in an SEC filing, that it's letting go of CFO, Blake Jorgensen. He'll remain until the company finds his replacement.
Since Jorgensen joined the company less than two years ago, Citibank analyst Mark Mahaney doesn't see this event as material. But it sure says a lot about Bartz's management style.
Here's Mahaney's take:
We View This As Part Of A Larger Organizational Change - We note that CEO Carol Bartz has been at the job for only six weeks, and we are impressed at the speed in which she is implementing change at the company. In addition to bringing on a new CFO, we believe Ms. Bartz plans to hire a new CMO and create a new Customer Advocacy group to listen to customers. Ms. Bartz noted on her blog that decisions at YHOO need to be made faster, and we believe this re-org is intended to decentralize management to enable quicker decision making on key issues. In our opinion, the new organizational structure at YHOO will likely be more in line with Ms. Bartz' management style.
Prior to Yahoo, Jorgensen was co-director of investment banking at Thomas Weisel Partners. Maybe he'll go back to banking? But I'm not sure it's a good time for that kind of job.
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