Yahoo Plot Thickens, but Without CFO Jorgensen

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In a filing this morning, Yahoo reported that the company's chief financial officer, Blake Jorgensen, would be leaving the company.

No press release. Just an SEC filing that one of our crack desk producers, Alex Crippen, discovered this morning.

Very odd, and very surprising according to a number of analysts I spoke to this morning. Not a single one viewed the development positively, and all of them are speculating as to why Jorgensen has now to depart. A little background: he joined the company two years ago as Sue Decker's replacement as Yahoo's top finance executive. He was also a close personal friend of Decker's, joining Yahoo from a top level position at Thomas Weisel.

So is this is a case of newly named CEO Carol Bartz wanting her own CFO and not wanting a hold-over from a prior regime? Or did Jorgensen see something coming down the road that he didn't necessarily like and decided now would be an opportune time to depart?

Bartz is rumored to be on the verge of a significant realignment of Yahoo's management ranks, which combined with the company's new CEO, and now a search for a new CFO, the company risks descending into a morass of disarray.

Shares are moving north by as much as 5 percent on the news as some folks are speculating that Jorgensen's departure could signal an end-game of sorts, that some kind of new deal or partnership is on the verge of being consummated that either marginalized his role there, or was a deal that he couldn't support.

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Earlier this morning, Sandeep Aggarwal of Collins Stewart wrote in a research note that, "We continue to believe that a Microsoft-Yahoo search deal is very likely and appears to be a near-term event."

So many questions, so little time. One thing is certain: Jorgensen's departure, after only two years on the job, is taking many analysts on the Street by surprise.