Another severe blow to Yahoo’s already sinking ship as Toby Coppel, Yahoo’s EVP and MD of Europe and Canada, departs the Internet giant. Coppel would be succeeded by Rich Riley, the current SVP of Europe’s Advertiser & Publisher Group – a position that puts him in charge of all revenues for the publisher division.

BoomTown has some more info on Coppel:

Coppel, who came to Yahoo with former Yahoo CEO Terry Semel in 2001, has run European operations for Yahoo for 18 months. And most of his time has been spent restructuring and making massive cuts.

The unit will have about one-third of the people as when Coppel arrived by the first quarter, after the current round of layoffs. And, if you include Yahoo’s sale of the comparison-shopping site Kelkoo last week, the size of the division is 45 percent of its former size.

Coppel also shepherded the move of Yahoo’s European HQ to Switzerland from higher-priced London. Most of its top managers are now located there, although London remains an important Yahoo outpost, since it is the largest online ad market in Europe.

Coppel will remain with Yahoo until the end of the first quarter to ensure a smooth transition. He told BoomTown in an interview that his future plans are undetermined, except to welcome his third child into the world very soon.

But Icahn still thinks that the current Yahoo share price is a bargain.

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