Skip to main content

Yahoo Looking to Cut Over 1000 Jobs: Report

By
Yahoo Looking to Cut Over 1000 Jobs: Report
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, Business Insider said on Wednesday
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.
Reuters could not immediately reach Yahoo Inc for comment outside regular US business hours.
Labels:

Comments

Post a Comment

Popular posts from this blog

iPhone 6s and iPhone 6s Plus Review

By
For most of the reviews here at Gadgets 360, we use the mobile in question as our primary phone for about a week or so before sharing our verdict with you. We realise this isn't perfect, since there are some aspects of the device that don't become obvious during that time, and in an ideal world, we'd use every phone for a couple of months before we publish our review. But we work under constraints where most devices aren't available to us for that long - almost all products that we review are loaned to us by companies for short durations - and there's also the competitive pressure of wanting to get your review out before others do, as long as it doesn't involve cutting any corners. With the launch of iPhone 6s and iPhone 6s Plus in India, Apple offered to loan the two new iPhones to Gadgets 360 - and indeed other publications - for more than the typical timeframe of a few days. The India iPhone launch of course came a few we...
1 comment
Read more

Modern garden with upcycling plastic bottles

By
Post a Comment
Read more

Emperor Ashoka The Great

By
Lion Capital with Ashoka Chakra Emperor Ashoka is considered one of the most influential figures in India's history. He was the grandson of Chandragupta Maurya , the founder of the great Mauryan empire. He is believed to have lived between 304–232 BC. Popularly known as Ashoka The Great, he ruled over most of present-day India during the years 269 - 232 BC. After numerous conquests, including the powerful Kalinga empire, his kingdom stretched from present-day Pakistan & Afghanistan in the west, to the present-day Bangladesh and Assam (Indian state) in the east, and ranged as far south as northern Kerala. His empire was headquartered in Magadha (modern day state of Bihar). Ashoka, his name meaning "painless, without sorrow" in Sanskrit, was born to King Bindusara and Queen Subhadrangi, the daughter of Champa of Telangana. He had several elder siblings, all of whom were his half-brothers from other wives of Bindusāra. From a very young age, Ash...
Post a Comment
Read more