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Yahoo to cut 15 percent jobs, close several units: WSJ
Source: Reuters
Technology | Mon Feb 1, 2016 2:12pm EST
Yahoo to cut 15 percent jobs, close several units: WSJ
Yahoo Inc (YHOO.O) Chief Executive Marissa Mayer is set to reveal cost-cutting plans that include slashing 15 percent of its workforce, or roughly 1,600 jobs, and closing several business units, the Wall Street Journal reported on Monday.
The plans are expected to be announced after Yahoo's fourth-quarter results on Tuesday, the Journal reported, citing people familiar with the matter. It did not specify which business units might be closed.
A Yahoo spokeswoman said the company could not comment during its quiet period before releasing earnings.
Activist investors have pressed Yahoo to sell its core business rather than spin it off, even though a sale would likely incur more taxes.
Last month, activist investor Starboard Value LP sent a letter to Yahoo taking aim at Mayer and her leadership team and raising the prospect of a proxy battle. The letter implied Mayer and other executives needed to leave, without naming her.
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Yahoo to cut 15 percent jobs, close several units: WSJ
Yahoo Inc (YHOO.O) Chief Executive Marissa Mayer is set to reveal cost-cutting plans that include slashing 15 percent of its workforce, or roughly 1,600 jobs, and closing several business units, the Wall Street Journal reported on Monday.
The plans are expected to be announced after Yahoo's fourth-quarter results on Tuesday, the Journal reported, citing people familiar with the matter. It did not specify which business units might be closed.
A Yahoo spokeswoman said the company could not comment during its quiet period before releasing earnings.
Activist investors have pressed Yahoo to sell its core business rather than spin it off, even though a sale would likely incur more taxes.
Last month, activist investor Starboard Value LP sent a letter to Yahoo taking aim at Mayer and her leadership team and raising the prospect of a proxy battle. The letter implied Mayer and other executives needed to leave, without naming her.
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Read more: http://www.reuters.com/article/us-yahoo-redundancies-idUSKCN0VA335
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