Top News

Yahoo reportedly looking to cut over 1000 jobs

  • Yahoo Inc is working on a plan to cut its workforce by at least 10
    percent and it could start the process as early as this month,
    Business Insider reported, citing
    sources.
  •  
  • The layoffs, which would result in more than 1,000 people leaving
    the tech giant, is set to affect Yahoo’s media business, European operations,

    • Yahoo Inc is working on a plan to cut its workforce by at least 10
      percent and it could start the process as early as this month,
      Business Insider reported, citing
      sources.
    •  
    • The layoffs, which would result in more than 1,000 people leaving
      the tech giant, is set to affect Yahoo’s media business, European operations,
      and platforms-technology group.
    •  
    • This move follows activist investor Starboard Value LP’s letter to
      Yahoo on Wednesday ramping up pressure on Yahoo, taking aim at Chief Executive
      Officer Marissa Mayer and her leadership team and raising the prospect that a
      proxy battle is approaching.
    •  
    • Starboard implied that Mayer and her officers needed to go, without
      naming her specifically.
    •  
    • The activist investor also threatened to shake up the board if
      Yahoo’s stock continued to suffer.
    •  
    • Yahoo spokeswoman Rebecca Neufeld said the company will provide more
      details on its turnaround plan prior to its fourth quarter earnings call later
      this month.
    •  
    • Starboard, which owns about 0.75 percent of Yahoo, has been pushing
      for changes at the Internet company since 2014, urging it to separate its Asian
      assets and auction off the core business.
    •  
    • The investor, together with other shareholders, has demanded Yahoo
      separate the Asian assets, including stakes in Chinese e-commerce company
      Alibaba Group Holding Ltd and Yahoo Japan Corp, and conduct an immediate public
      auction of the core business, including search and advertising businesses.
    •  
    • But Yahoo is resisting, instead pursuing a tax-free spinoff of the
      core business, which could take at least a year.
    •  
    • Yahoo had appointed management consulting firm McKinsey & Co, in
      November, to help with the reorganization of its core businesses.
    •  
    • The company also had plans to make big changes to its media unit,
      restructuring and consolidating it, including making cuts and shuttering some
      efforts.
    •  
    • In December, Yahoo shelved plans to spin off the Alibaba stake and
      said it would create a separate company that would house Yahoo’s Internet
      business and its stake in Yahoo Japan.

     

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close