Fabiola Arredondo's decision to quit as MD of Yahoo! Europe has left many industry watchers scratching their heads in bemusement and asking "why?".

The FT highlights that only last month Ms Arredondo was plastered on the front cover of the European edition of Newsweek and held up as an example of a woman of the "new century".

But the pink paper also suggests that Ms Arredondo had become increasingly frustrated at the centralised decision-making process at Yahoo! Inc and the assumption is that this might well have somehow undermined the authority of this ambitious and capable MD.

Several commentators blame the apparent slow-down in online ad revenue as one possible reason why Ms Arredondo decided to step down. The suggestion is that with difficult times ahead, it might be time to quit while she's ahead.

The Times remembers that last year Fortune magazine described Ms Arredondo as the "second-most powerful woman executive in Europe".

High praise indeed.

It is exactly because so many people thought so highly of Ms Arredondo that has caused so much bewilderment among observers.

Yet, it's been reported that Ms Arredondo first signalled her desire to leave Yahoo! at Christmas. And that she will stay on as head of the European outfit until a replacement is found.

Hardly the response of someone desperate to leave - or desperately in need to be pushed, is it?

In fact, it's all so amicable you have to wonder whether the reason given for Ms Arredondo's departure - that she has decided to leave the company to "pursue private business interests" - is, in fact, the truth. ®