Yahoo Lays Off 2,000 Employees

Yahoo Inc is laying off 2000 employees, it said on Wednesday, signaling a broad shakeup of the company.

Scott Thompson -Chief Executive Officer- said “Today’s actions are an important next step toward a bold new Yahoo that will be smaller, nimbler, more profitable, and better equipped to innovate as fast as our customers and our industry require”, and he added “Our goal is to get back to our core purpose – putting our users and advertisers first – and we are moving aggressively to achieve that goal.”

The layoff come as Yahoo’s revenue declines amid competition from Web rivals Google Inc and Facebook, and as the company fights a proxy battle with hedge fund manager Daniel Loeb, as Reuters stated.

To be mentioned that Loeb -who runs Third Point- is seeking to appoint four new directors to Yahoo’s board. Third Point, with a 5.8 percent stake in Yahoo, is the company’s largest shareholder.

 

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