Yahoo expected to cut 1,500 jobs

Downsizing will trim $400 million from budget

The mood promises to be grim Wednesday at Yahoo, where 1,500 staffers are expected to get the boot under previously announced layoffs. In October, the struggling Netco said it would trim 10% of its workforce by year’s end, but the company didn’t want to do it too close to the holidays.

Yahoo, which plans to shift some of the jobs overseas to Eastern Europe and Asia, expects to trim $400 million from its budget with the downsizing.

A few weeks after the layoffs announcement, CEO Jerry Yang said he would step down from the top exec spot as soon as the company finds a replacement. He will then take back his title as “chief Yahoo.”

A number of candidates for the top exec slot have circulated in recent weeks, including former AOL head Jon Miller and former Vodaphone topper Arun Sarin.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your 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

More Digital News from Variety