Terry Semel, an old-economy advertising guy, and Sue Decker, a former head of global research on Wall Street, keep their jobs at Yahoo (NASDAQ: YHOO). The one person with tech experience, Chief Operating Officer Dan Rosensweig, gets fired.

In the press release, Semel made sure to comment that he will "actively" lead the management team and work closely with co-founder Jerry Yang. I guess we were to assume Semel has been inactively leading the company over the past few years.

It is hard to believe how patient the Yahoo! board has been with Semel. Under his leadership, the company has continually missed its numbers, has attempted to hide weak growth by adding on revenue from acquisitions, and has completely lost the search lead to Google Inc. (NASDAQ: GOOG).

How much longer will it take for the Yahoo!'s board to find the right CEO?

A few weeks ago we were buzzing about a posting in which several Yahoo! insiders and outsiders were ranked with the probability they might succeed embattled CEO Terry Semel. The scuttlebutt amongst media insiders: Yahoo! is disorganized, without a unifying personality to lead the company, weak on strategy and thinly-staffed. First among the contenders to take over Terry's job and charge forth with a new mission was CFO Susan Decker.

It seems as if the "bookies" were right. Tonight Yahoo! Inc. (NASDAQ:YHOO) got a reorganization. In the press release, the company announces it has divided itself into three sections: the Audience Group, the Advertiser & Publisher Group, and the Technology Group. What's more, COO Dan Rosensweig is leaving the company in March (he was rumored to be a rival to Decker for the CEO spot). Decker will head the Advertiser & Publisher Group (i.e. where the money is), certainly a nod toward her potential to take over the "corner cube" from Semel.

Buzz started at 4 p.m. local time: there was an internal company-wide executive level webcast. Nothing says "someone is getting fired" like "internal company-wide executive-level webcast." At least not in a web company! The response so far: "no surprise," "no surprise" that Project Panama is being set as a priority for the new Technology group (and, from the same post, "If you can't sum up a unit in 30 words maybe it's not streamlined enough"), "where is Jeff Weiner, Yahoo!'s former golden boy?" and, from an insider, why not Britney Spears as CEO? [Or, at the very least, the head of the audience group, for which a search party has been launched.]