Yahoo Inc. is setting up a new chain of command in hopes of restoring order after it snubbed of Microsoft Corp.’s $47.5 billion takeover bid.

Under the Internet pioneer’s reorganization, announced Thursday, Yahoo executive vice presidents Ash Patel and Hilary Schneider are being promoted to oversee most of the Sunnyvale-based company’s products.

Co-founder Jerry Yang, who is under shareholder fire for his handling of the Microsoft bid, will remain as CEO and his second-in-command, Sue Decker, will remain as president.

This is the third time in 19 months that the company has redrawn its management chart as it tries to snap out of a financial malaise that has ravaged its stock price, jeopardized its independence and demoralized employees.