Last week, BoomTown posted a detailed piece on Yahoo’s plans for a massive rebranding and marketing push, which included the hiring of outside consultant Penny Baldwin, who was a former top exec at Young & Rubicam.

Yesterday, Baldwin became an official Yahoo exec, as SVP of global integrated marketing and brand management.

She has been described by many sources as much more colorful and bold in her style, advocating more aggressive ideas about reinvigorating the Yahoo brand.

“Well, Penny is definitely not Yahoo,” said one Yahoo source, joking about the company’s quainter, yodel-focused and purple-toned image. “Which is probably a good thing.”

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Allen Olivo, SVP of global brand marketing at Yahoo, is leaving the company, according to sources.

The departure is the latest at Yahoo, as major executive changes continue. It was announced today internally, which Yahoo confirmed to BoomTown.

Olivo was responsible for all aspects of its advertising and brand marketing strategy worldwide for Yahoo, which is about to undergo a major new push under CEO Carol Bartz.

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“It’s being changed every minute,” joked one Yahoo source about the reorg now in process at Yahoo, which is being shepherded by new CEO Carol Bartz.

Actually, it’s kind of true, as execs at the troubled Web company are being moved around the board like chess pieces, while others players are added.

According to numerous sources, mostly in Yahoo’s Sunnyvale, Calif. HQ, things are still in flux and not completely settled as yet.

But one thing is clear: Layers are being collapsed quickly, as fewer people are in charge of more, with all roads leading to Bartz.

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On Friday, BoomTown first reported that new Yahoo CEO Carol Bartz is likely to be announcing a sweeping new management structure soon, which can only mean the possibility that some existing top execs are likely to be broomed out, even as some new ones are ushered in.

“This is going to be a full-scale peanut butter recall,” joked one exec, referring to the infamous “Peanut Butter Manifesto,” which was sent around the company several years ago by former exec Brad Garlinghouse. It laid bare the problems at Yahoo, most especially a decided lack of decision-making and lugubrious levels of managers.

Here is the sticky skinny.

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