With executives leaving Yahoo at a steady pace, the company is contemplating a major reorganization. According to a report in Friday's Wall Street Journal, Yahoo's management is considering a plan that would centralize various product groups into a single global-product organization, instead of the current, separate divisions for mail, search and home page.

The Journal said the change is being sought by Yahoo President Susan Decker as a means of improving communication between product teams and overseas sales units.

The Peanut Butter Manifesto

The reorganization follows the announcement this week that Jeff Weiner, executive vice president of Yahoo's network division, will exit the company. No successor has been named.

Weiner's exodus is only the latest in a series. The senior vice president of search, Vish Makhijani, is leaving to work for a Russian search company. The executive vice president for search and advertising technology, Qi Lu, has also said she's leaving.

Executive Vice President Usama Fayyad and two people involved in the creation of Flickr, Stewart Butterfield and Caterina Fake, have also left or are in the process of doing so.

And Brad Garlinghouse, senior vice president for communications and communities, has said he's quitting. His position covers e-mail, messaging, Yahoo Groups, and Flickr.

One of Garlinghouse's claims to fame is something he wrote called the Peanut Butter Manifesto. Originally penned as an internal memo, it was released to The Wall Street Journal. It criticized Yahoo for spreading itself too thin across too many products, as peanut butter might be spread on bread.

Yang, Icahn, Microsoft, Google

That diluting of the Yahoo brand was seen by outsiders as one of the reasons that cofounder Jerry Yang assumed the position of CEO. Like Steve Jobs coming back to Apple, Yang's top leadership role was seen as possibly providing a spark to the company.

But not everyone appreciates a spark. Investor and Yahoo stockholder Carl C. Icahn is trying to gain control of the company's board and he has said he will remove Yang as CEO.

It was that board, of course, that recently rejected the advances of Microsoft, which has abandoned its $46.5 billion bid for Yahoo.

Following Microsoft's departure, Yahoo decided to add Google to its dance card. Last week, the two companies announced they will share some advertising revenue, although there are expectations the agreement still must be approved by the U.S. Justice Department.

That deal will enable Yahoo to place Google ads on Yahoo and participate in the revenue. Yahoo has an estimated 16.6 percent of the search market, while Google has more than 60 percent, and some observers project that the arrangement could help Yahoo grow its cash flow by $200 million annually.

Yahoo still has a variety of other strengths. For instance, it is the number-one Webmail service on the planet, with more than 260 million e-mail users. This week it decided to get even bigger, by announcing two new domains to go with @yahoo.com — ymail.com and rocketmail.com.