Brad Garlinghouse, a Yahoo! Inc. senior vice president, has written a memo saying that Yahoo is spreading its resources too thinly like peanut butter on a slice of bread.

The Wall Street Journal has published the document in full.

Garlinghouse is urging his company to define its priorities and reorganize its management structure if it wants to keep its top position and competitors such as Google Inc. at bay.

"We lack a focused, cohesive vision for our company. We want to do everything and be everything-- to everyone. We've known this for years, talk about it incessantly, but do nothing to fundamentally address it. We are scared to be left out. We are reactive instead of charting an unwavering course. We are separated into silos that far too frequently don't talk to each other. And when we do talk, it isn't to collaborate on a clearly focused strategy, but rather to argue and fight about ownership, strategies and tactics," writes Garlinghouse.

Yahoo has been taking expanding steps in social media as seen by its recent purchase of online poling social site Bix, but according to Garlinghouse, Yahoo still lacks a macro-level approach: "Without a clear and focused vision, and without complete clarity of ownership, we lack a macro perspective to guide our decisions and visibility into who should make those decisions."

Yesterday Yahoo announced an advertising deal with over 150 daily newspapers.

It will be interesting to see how the company responds to Garlinghouse's memo in the upcoming weeks.