Morse will be replaced by Ken Goldman, who has more than 25 years of experience as CFO for multiple computer industry companies, including Fortinet, Siebel Systems, Excite@Home and Sybase. He will join Yahoo in late October.

Goldman will report to Mayer, who was appointed as CEO in July after a sterling career with Google.

Morse joined Yahoo in 2009 when Carol Bartz was the CEO. He served as interim CEO after Bartz was fired in September of last year, until her replacement, Scott Thompson, came on board in January of this year.

Thompson's tenure was brief, however, lasting less than six months following a controversy about his college education credentials. Specifically, he didn't have a computer science degree, contradicting his public professional biography. Reports later emerged that his resignation was due instead to a cancer diagnosis.

In between Thompson's departure and Mayer's appointment, Yahoo was led by interim CEO Ross Levinsohn, a Yahoo executive vice president and head of Global Media. He left shortly after Mayer's arrival.