The Garlinghouse Memo last month signaled that change was coming at Yahoo. No senior execs have yet been shown the door, but some people just below those ranks are starting to leave.

Michael Marquez, Yahoo’s Director of Corporate Development (shown with Flickr co-founder Caterina Fake) left Yahoo last Friday. He’ll be heading up Digital Strategy, Investments and Acquisitions, under the new President of CBS Interactive, Quincy Smith.

It’s clear that CBS Interactive will be active on the acquisition front. Quincy Smith is a long time deal guy going back to his Netscape days, and Marquez is walking into an interesting job. But he was a key member of the Yahoo corporate development team, and guys like that don’t generally walk away unless they smell blood.