Ms. Dunaway joins a long line of executives who have left Yahoo recently, including Chief Sales Officer Wenda Harris Millard, Exec VP-Global Sales Greg Coleman and former CEO Terry Semel.
The Sunnyvale, Calif., search company has struggled to impress Wall Street, given it has the unfortunate plight of being compared to online search juggernaut Google. This week, the company posted better-than-expected third quarter results, but its profit was still down 5% compared to last year.
Under Mr. Yang's reorganization, Yahoo appears to be narrowing its focus. During Mr. Semel's tenure, the company focused more on entertainment properties, but it now appears to be homing in on technology and advertising platforms.
As for Ms. Dunaway, Mr. Yang expressed disappointment in Yahoo's marketing effectiveness on an earnings call just this past Tuesday -- certainly not a good sign for a CMO. "There is a lot of room for improvement in driving relevance in our consumer offerings and marketing effectiveness," he told analysts.
Silicon Valley blog Valleywag reported this afternoon that Ms. Dunaway has accepted a new position. The blog quoted a leaked e-mail she sent to fellow Yahoo peers. "While I can't share the specifics until mid next week, suffice it to say that it is a natural fit for someone who loves driving profitable revenue for big, well-loved consumer brands and can't pass up the opportunity to be the coolest Mom in the universe," the e-mail read.
A Yahoo spokesman released the following statement about Ms. Dunaway's departure: "Since joining Yahoo in 2003, Cammie has built an award-winning direct-marketing team; improved the company's customer insights; and found creative ways to improve our brand. Cammie has strengthened the marketing function and built a strong bench of creative talent. We wish her all the best in her future endeavors and thank her for her leadership, dedication and all that she has contributed to Yahoo."
Her last day is Nov. 2. Ms. Dunaway could not be reached for comment by press time.