Yahoo reorganizes, seeks to restore order

Yahoo is setting up a new chain of command in hopes of restoring order after it snubbed of Microsoft takeover bid, an Associated Press report said.

Under the internet pioneer's reorganization, Yahoo executive vice presidents Ash Patel and Hilary Schneider are being promoted to oversee most of the Sunnyvale-based company's products, the report added.

Co-founder Jerry Yang, who is under shareholder fire for his handling of the Microsoft bid, will remain as CEO and his second-in-command, Sue Decker, will remain as president.

This is the third time in 19 months that the company has redrawn its management chart as it tries to snap out of a financial malaise that has ravaged its stock price, jeopardized its independence and demoralized employees, the Associated Press report further said.

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