Consistent with earlier speculation, Jeff Weiner will be leaving Yahoo and become an “executive in residence” for both Accel Partners and Greylock Partners in the fall (he remains at Yahoo for a transition period). Yahoo President Sue Decker informed the rank and file and tried to maintain confidence in the company (her email via TechCrunch) after the news came out. Weiner was a popular and highly regarded figure who came to Yahoo with former CEO Terry Semel in 2001 from Warner Brothers.

Weiner had a heavy role in Yahoo search prior to becoming the head of Yahoo’s consumer facing Network Division.

Ethan Stock, CEO of Zvents, speculates that Weiner might be in line to become the CEO of Facebook, in which Accel and Greylock both have investments. AllThingsD’s Kara Swisher says that Weiner won’t be replaced specifically but believes his duties will be rolled up under Hilary Schneider, currently responsible for partner solutions and general monetization at the company. On that last point, Silicon Alley Insider says that Yahoo has a hiring freeze, which they interpret as not a good sign for Q2 performance.

Thus the transition turmoil appears not to be over at Yahoo and the speculation is already starting that Yang will be replaced.

It’s almost painful to watch Yahoo’s struggles playing out so publicly.

Related Topics: Yahoo: Employees

About The Author: Greg Sterling is a Contributing Editor at Search Engine Land. He writes a personal blog Screenwerk, about SoLoMo issues and connecting the dots between online and offline. He also posts at Internet2Go, which is focused on the mobile Internet. Follow him @gsterling. See more articles by Greg Sterling