Yahoo Inc Chief Executive Carol Bartz unveiled a broad reorganization plan designed to dismantle what she called the "silos" that had slowed down the Internet company.

The move came as CFO Blake Jorgensen became the latest executive to leave Yahoo, which has struggled to convince Wall Street that it has a growth strategy after turning down a takeover bid from Microsoft Corp last year.

Under the plan to simplify Yahoo's management structure, its various technology and product groups will be combined into one entity led by chief technology officer Ari Balogh, according to an email Bartz sent to employees.

Yahoo will also divide the world into just two regions instead of four: North America, led by former U.S. chief Hilary Schneider, and International, whose chief has yet to be named.

"Today I'm rolling out a new management structure that I believe will make Yahoo a lot faster on its feet," Bartz, who took over the CEO reins six weeks ago from Jerry Yang, wrote on Yahoo's corporate blog. "We'll be able to make speedier decisions, the notorious silos are gone, and we have a renewed focus on the customer."

The changes follow weeks of meetings between Bartz and various division heads as she familiarized herself with Yahoo's many businesses.

Unlike Yahoo's previous so-called matrix management structure, which was criticized for lacking clear reporting lines, the new organization centralizes power and control around Bartz.

Yang's 18-month stint as CEO was defined by his rejection of a $47.5 billion takeover bid from Microsoft, which the software maker subsequently withdrew.

Yahoo's stock price has sunk from a high of $29.73 last May to below $13 on Thursday, as revenue and profits have been pinched by an industry-wide slowdown in advertising spending.

Among the most pressing questions on investors' minds is the fate of Yahoo's search business, which is a distant second to Google Inc. There has been long-running speculation that the unit could be sold to Microsoft, or Yahoo could team up with another rival such as Time Warner Inc's AOL.

Yahoo tried to form a Web search partnership with Google last year as an alternative to a deal with Microsoft, but the deal collapsed under U.S. antitrust review.

On Wednesday, Jorgensen said Yahoo was not opposed to a search sale or partnership, leading some observers to believe it was moving closer to a deal with Microsoft.

Earlier this week, Microsoft CEO Steve Ballmer said he wants to team up with Yahoo to compete with Google, which controls 63% of the U.S. search market.

Yahoo 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.

Bartz also said in the memo that Marco Boerries, head of the Connected Life group, which focused on bringing Yahoo products to mobile devices, has resigned for personal reasons.

She said Yahoo's business and advertising efforts for mobile will be led by David Ko, while Elisa Steele, formerly at NetApp Inc, will be chief marketing officer.