Its raining pink slips at Yahoo today, as the iconic tech company announced it was laying off 2,000 employees or 17 percent of its total workforce as part of a massive restructuring effort.
Yahoo has suffered a great deal of turmoil over the past few years. Board members fired long-time CEO Carol Bartz in September 2011 as punishment for failing to increasing revenues as well as significantly losing advertising share from Facebook and Google. During her tenure (and perhaps just prior to it), Yahoos products grew stagnant and failed to keep pace with innovation from competitors. Overall the company suffered from a lack of leadership, which is something new CEO Scott Thompson was charged with fixing after assuming his post in January.
Todays actions are an important next step toward a... [via VentureBeat]
- Yahoo! to rework its internals, dismiss 2,000 employees (VR Zone )
- Yahoo to lay off 2,000 employees (Tech Report )