It didn’t take Yahoo chief executive officer Carol Bartz too much time to show who’s in charge. The freshly-appointed CEO shook thing up and changed the management structure at the popular Web portal.
Yesterday, Ms. Bartz announced a restructuring of the company's management that will make the Yahoo "a lot faster on its feet," as the CEO wrote in a post on Yahoo’s official blog. The measure included the firing of CFO Blake Jorgensen, a longtime friend of Yahoo’s former president, Susan L. Decker, who left Yahoo when Ms. Bartz took over as CEO.

“Today I’m rolling out a new management structure that I believe will make Yahoo a lot faster on its feet,” the blog post wrote.

Chief Financial Officer Blake Jorgensen, who has been working with Yahoo since 2007, will leave the company in the next few months after Bartz finds a new man or woman for the job. However, Jorgensen isn’t the first Yahoo executive to leave the company in the recent period. His departure comes after an executive exodus at Yahoo which included mobile chief Marco Boerries earlier this week and news head Neeraj Khemlani.

The corporate reorganization has the goal of streamlining the company and making managers more accountable and accelerate decision making. Let’s hope that, unlike the other numerous shake ups at Yahoo in the past few years, this one will reach its goals.

The management structure, which consolidates most functions in a small group of executives who report directly to the CEO, is quite similar to the one used at Autodesk, where Ms. Bartz was CEO.

Under the new management structure, Yahoo’s various technology and product groups will merge into one entity led by Chief Technology Officer Ari Balogh, Ms. Bartz wrote in an e-mail to the company’s employees. Mr. Balogh will also have the title of executive vice president of products. Hilary Schneider, current chief of ad, publishing, and audience groups in the U.S., was also appointed as chief of North American operations.

A new position was created. As chief marketing officer, Ms. Bartz appointed Elisa Steele, senior executive at NetApp, where the Yahoo CEO is a director. Former McKinsey consultant, Joel Jones, was appointed chief of staff, also a new position. Yahoo said it is currently looking for executives to lead the company’s international operations.

The corporate management restructuring led to an increase of Yahoo’s shares price. Yahoo shares went up 50 cents, or 4 percent, to close at $12.98. Overall, the company’s shares fell from a high of $29.73 last May to below $13 on Thursday.