Confirmed: Yahoo's Jeff Weiner To Split Time at Accel And Greylock

Jeff Weiner, the executive VP in charge of Yahoo’s network division (which includes the portal, search, media, and communications products) is officially leaving.
The news, which already leaked last week, is that Weiner will become an executive in residence at both Accel Partners and Greylock Partners. He will advise portfolio companies for both firms, and help evaluate new investments.

Joining two competing VC firms unusual, especially since he may become privy to competitive information. But Weiner is obviously valued enough by both firms that they decided to share him. He starts in September.

In any case, it should be easier for an executive in residence to recuse himself from discussions where conflicts may arise than it would be for a full partner. The executive in residence position is typically a sabbatical of sorts for talented business leaders in between jobs. Looking at all those deals is a great way to find the next great startup in need of a CEO.

No new word yet on who will succeed Weiner at Yahoo, if anybody. Although there are rumors of yet another restructuring, with Hillary Schneider (executive VP of Global Partner Solutions, reporting to president Sue Decker) taking over his responsibilities. Of course, all bets are off if Yang is replaced as CEO by someone like former COO Dan Rosensweig. Never a dull moment over there.

An internal e-mail about Weiner’s departure is circulating around Yahoo. If someone at Yahoo is brave enough, please cut and paste it into comments.

Update: Sue Decker’s internal e-mail is here.