UPDATE 4-Yahoo CEO reorganizes company, simplifies structure

* CEO Bartz announces simplified management structure

* CTO Ari Balogh to lead combined tech and product groups

* Hilary Schneider to lead North America

* Seeking CFO as Blake Jorgensen to leave

* Shares up as much as 7 pct on hopes of search deal (Adds analyst quote, more details on management changes)

By Alexei Oreskovic

SAN FRANCISCO, Feb 26 (Reuters) - Yahoo Inc (YHOO.O) Chief Executive Carol Bartz on Thursday took the wraps off a broad reorganization plan designed to dismantle what she called the "silos" that had slowed down the Internet company.

The move came as Chief Financial Officer Blake Jorgensen became the latest executive to leave Yahoo, which has struggled to convince Wall Street that it has a growth strategy after turning down a takeover bid from Microsoft Corp (MSFT.O) last year.

Under the plan to simplify Yahoo's management structure, its various technology and product groups will be combined into one entity led by Chief Technology Officer Ari Balogh, according to an email Bartz sent to employees.