• Los Angeles Times, Thursday, June 12, 2008 11:15 AM

Yahoo's executive exodus continues: The Los Angeles Times is reporting the departure of Jeff Weiner, the executive vice president of the company's network division, who leaves Yahoo to split his time between two venture capital firms, according to an unnamed source. The blogosphere had been abuzz with rumors of Weiner's departure since his return from paternity leave.

The Times says the loss of Weiner is a "major blow," because "he was not only a senior manager but one of those leaders who embody the soul of the company." Weiner ran the search and marketplace businesses and recently took charge of the company's core products like Yahoo.com, Yahoo Mail and Yahoo Messenger. His departure comes at a particularly sensitive time for the company, as it battles to stave off a proxy battle with billionaire investor Carl Icahn.

Weiner will assume a kind of entrepreneur-in-residence role at two venture capital firms, Accel and Greylock, where he has ties to former Yahoo execs. The Times source says Yahoo will look for a change in organizational structure rather than a direct replacement for Weiner.

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