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Yahoo executives might be slashing and burning products, departments, and jobs today at an all-day offsite meeting, with cuts being led by the company’s still-new CEO, Scott Thompson (pictured).

The meeting will likely end in a bottom-line-friendly restructuring of Yahoo, anonymous sources have told All Things D.

Thompson, an accountant at heart, was called into the C-suite at Yahoo earlier this year after a long and stable stint at PayPal. He was tapped as a sensible solution to Yahoo’s Bartz-era troubles and was symbolic of the company’s move toward a drastic and hopefully profitable change. Two months ago in a phone conference the day his hiring was announced, he told reporters, “My instinct says that down in that data we will find ways to compete and innovate that the world hasn’t seen yet.”

Before Thompson came onboard, Yahoo was already “sunsetting” its less popular services, letting go of distracting foreign assets for much-needed cash and tangling with Alibaba over its 40 percent stake in that company. And when the new CEO came into the office, it was obvious (at least to us at VentureBeat) that a large part of his new job would be trimming the fat and restructuring the company.

Roy Bostock, who was then chairman of Yahoo’s board, said at the time, “Scott’s primary focus will be on the core business, and as CEO and director, he will work closely with the Board as we continue the strategic review process to identify the best approaches for the Company and its shareholders. As part of this process, Yahoo is considering a wide range of opportunities for the Company’s business, as well as specific investments or dispositions of assets.”

All things considered, we have been waiting for at least a few months to see how Yahoo is going to reinvent itself once again. So we’re not the least bit surprised to read about today’s meetings, which All Things D diva Kara Swisher says will put products, people, Yahoo’s Microsoft search deal, and more on the line.

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