The search brand is seeking a vice-president of international marketing with responsibility for all activity outside the US.
However, Yahoo! will move the position from London to its headquarters in Sunnydale, California, alongside chief marketing officer Elisa Steele.
Fahy, who was promoted to vice-president of international marketing in June as part of a restructure, is to join William Hill early next year.
He will take up the newly created position of brand and marketing director, reporting to chief executive Ralph Topping. Fahy's remit will include the development of the William Hill brand across all the channels in which it operates.
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