Sunnyvale, Calif.—Yahoo Inc. will lay off 2,000 employees, or about 14% of its workforce, in a restructuring that it said will ensure “a smaller, nimbler, more profitable” company.
The reorganization is being overseen by Scott Thompson, Yahoo CEO since January. In a statement, Thompson said, “We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities.” Yahoo said it expected to realize $375 million in annualized savings as a result of the staff cuts.
Last year, Yahoo lost its longtime leadership position
in display ad revenue to both Facebook Inc. and Google Inc.