Yahoo looking to cut 10% of its workforce
Yahoo Inc is working on a plan to cut its workforce by at least 10 per cent 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.
Read more on The Economic Times here