Re/Code is reporting that two more executives are leaving Yahoo (NASDAQ: YHOO): Jackie Reses, who was Yahoo's Chief Development Officer, and Lisa Licht, the SVP of Marketing Partnerships.

Reses is joining Square (SQ) as the head of Square Capital (a division of Square) and earlier in her career was an M&A banker at Goldman.

Good for Square, bad for Yahoo but possibly more so for Marissa Mayer who, as Bob Peck from SunTrust Robinson Humphrey points out, has not been able to execute on her turnaround vision of People, Product, Traffic then Revenue. In fact, it seems to be stalled at the People part of the equation.

Peck thinks the core of Yahoo is undervalued at 3x EV/EBITDA and if the Alibaba position is spun off, the company could become the target of a strategic offer and/or a leadership change.