Yet another key Yahoo executive has announced their departure from the ailing internet company.

European chief Toby Coppel, who has been with the company since 2001, has admitted that he is to leave next year.

According to Media Week, Coppel is to be replaced by Rich Riley, who is currently responsible for leading Yahoo's Advertiser & Publisher Group in Europe.

Riley will take on his new role in the first quarter of 2009 becoming senior vice-president for Yahoo Europe and Canada, based in Yahoo Europe's headquarters in Switzerland.

Riley joined Yahoo a decade ago, after it bought, the internet start-up company he co-founded.

Sue Decker, Yahoo president, said: "The appointment of Rich Riley represents the next phase in the evolution of our European and Canadian businesses, enabling us to build on the great foundations laid by Toby Coppel. We are committed to continuing our growth as a leader in Europe and Canada".