Yahoo Announces 2,000 Layoffs

CBS San Francisco

CUPERTINO (CBS/AP) — Yahoo’s turnaround attempt is going to be messy.

In his first three months on the job, CEO Scott Thompson has imposed the largest layoffs in the company’s 17-year history, reshaped the board of directors, picked a potentially disruptive fight with a major shareholder and sued Facebook for patent infringement.

He said there’s even more upheaval to come.

Thompson delivered a painful jolt Wednesday with a payroll purge of about 2,000 workers, or about 14 percent of Yahoo’s 14,100 employees. The cuts will save about $375 million annually as Yahoo tries to boost its earnings and long-slumping stock price.

KCBS’ Holly Quan Reports:[audio_link url=”http://www.podtrac.com/pts/redirect.mp3/nyc.podcast.play.it/media/d0/d0/d1/d0/d7/dW/dL/107WL_4.MP3″ name=”Investors Pay Close Attention To Yahoo Layoffs” artist=”Holly Quan”]

More shakeups loom as Thompson reshuffles divisions and considers selling an online ad-placement service and other operations that don’t fit into his strategy.

Those potential changes will follow a tumultuous time for Thompson, an affable and…

View original post 984 more words

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s