LayoffBlog.com

April 21, 2009

Yahoo to cut 5% of workforce amid revenue drop

Internet search company Yahoo Inc. announced Tuesday that it would slash 5% of its workforce as it reported a first-quarter profit that fell sharply from a year earlier but still managed to beat Wall Street’s forecasts.

The company said that the employees being affected in this latest round of cuts would be notified within the next two weeks. Last year, the company cut about 700 jobs on a net basis.

Source: CNNMoney

Yahoo to cut 5% of workforce amid revenue drop

Internet search company Yahoo Inc. announced Tuesday that it would slash 5% of its workforce as it reported a first-quarter profit that fell sharply from a year earlier but still managed to beat Wall Street’s forecasts.

The company said that the employees being affected in this latest round of cuts would be notified within the next two weeks. Last year, the company cut about 700 jobs on a net basis.

Source: CNNMoney

Yahoo likely to see earnings drop; job cuts possible

Yahoo Inc. is expected to posts declines in both profits and sales when it reports first-quarter results after the market’s close on Tuesday, though investors may be more keen on hearing more about the company’s reported plans for trimming more staff as part of an ongoing restructuring.

Last week, the New York Times reported that “several hundred” employees could be affected by the job cuts, which could be announced alongside Yahoo’s earnings report.

Source: MarketWatch

April 15, 2009

Reports: Yahoo plans more job cuts

Yahoo is planning a new round of layoffs, the first since Carol Bartz became chief executive in January, according to several people with knowledge of the situation.

The layoffs could affect several hundred employees and may be announced as early as Tuesday when Yahoo reports first-quarter financial results, said these people, who agreed to speak on condition of anonymity because the plan is confidential.

Source: The New York Times

February 26, 2009

Yahoo CEO Carol Bartz Revamps Management

According to BusinessWeek: “New Yahoo CEO Carol Bartz just announced in a detail-free blog post the much-anticipated shakeup of Yahoo’s management ranks. Although she didn’t say what the reorganization would involve beyond making the setup simpler, some current executives clearly won’t be part of it. This morning, Yahoo said Chief Financial Officer Blake Jorgensen will be leaving, only a day after he made a presentation at a tech conference.”

Yahoo structure changes in breif:

  • Tech and Product groups will be combined
  • There are now two regions – North America and International
  • Mobile will continue to be a key priority for Yahoo
  • A Chief Marketing Officer (CMO) role has been created
  • A new group created: Customer Advocacy group
  • A new team created: Service Engineering & Operations (SE&O) team
  • Changes in HR led by David Windley, Legal led by Michael Callahan, Chief of stuff: Joel Jones, CFO position: vacant
  • This structure is designed to last two to four years

February 23, 2009

Yahoo News Manager Neeraj Khemlani Is Leaving to Join Hearst

According to Bloomberg: “Yahoo! Inc.’s general manager of its news unit, Neeraj Khemlani, is leaving to join Hearst Corp. as a vice president handling digital media.

Khemlani, 38, will report directly to Chief Executive Officer Frank Bennack, helping the company shift toward digital content, Hearst said today in a statement. The job starts March 23. At Yahoo, he managed the site’s news, technology, weather and education content, along with Yahoo Finance.”

January 21, 2009

Yahoo cuts 20% of French Staff

Filed under: IT,worldwide,Yahoo — 7macaw @ 8:15 am
Tags: , , , ,

Yahoo (NSDQ: YHOO) is cutting about 52 staff from its 251-strong French operation under the group-wide reductions announced from the company’s Sunnyvale headquarters in October.

The engineering staff is taking a big hit from the restructuring, as Yahoo’s French sites carry proportionally more engineers than other locations, the company told AFP: “The category of engineers is the most affected by the cuts at the global level.” The cuts will come from both of Yahoo’s French sites, in Paris and Grenoble.

Source: paidContent.org

January 15, 2009

New Yahoo CEO Bartz to receive $1 million salary, 2M bonus, 5M shares

According to MarketWatch: “Newly-appointed Yahoo Inc. Chief Executive Carol Bartz has signed a four-year agreement with the company that will pay her an annual base salary of $1 million, according to a regulatory filing Thursday.

Bartz, who was appointed Tuesday to helm the embattled Internet company, will be able to see the salary raised based on annual reviews. She will also be eligible to receive an annual bonus with a target amount of 200% of her base salary, or $2 million.

Bartz, 60, will also receive stock options for 5,000,000 shares of Yahoo’s stock, with an exercise price expected to be dated Jan. 30.”

  • Former Yahoo CEO Terry Semel, who stepped down in June 2007, was given a base salary of $600,000 in 2006 but reduced it to $1 partly through that year as the Yahoo board tried to better link his pay to performance. That left him with an overall salary of $250,000 in 2006, according to WSJ

Update 1 (1-15-2009): Carol Bartz’s profile is still available at Autodesk website, including her color poster (1500 x 1858, TIFF image)

Update 2 (1-15-2009): Bartz has spoken with Microsoft CEO Steve Ballmer since assuming the top job at Yahoo, though she described the conversation as “informal” and did not go into detail, according to MarketWatch report

Update 3 (1-15-2009): According to WSJ: “Yahoo said her package includes a maximum annual bonus of $4 million and a 2009 equity grant valued at about $8 million, expected to be made in February. She also gets $10 million in cash and restricted shares to “make up” for equity grants and benefits that she had at Autodesk Inc., a software concern where she had previously been CEO.”

January 13, 2009

Yahoo names Bartz new CEO

According to CNN Money: “Yahoo Inc. announced Tuesday that it had hired veteran technology executive Carol Bartz as its new CEO.”

“Bartz ran software company Autodesk (NASDAQ:ADSK) for 14 years, most recently serving as executive chairwoman. San Rafael, Calif.-based Autodesk, with just over 7,000 employees worldwide, is about half the size of Yahoo.”

“Bartz is taking over an embattled Yahoo. In mid-November, co-founder Jerry Yang stepped down after failed attempts to improve the company’s performance.”

December 23, 2008

Yahoo’s Holiday Bonus: A Lawsuit Settled

According to Vallewag: “If you thought Google’s “dogfood” holiday gift was chintzy, check out what Yahoo employees got: $50. To donate to charity. Some others, though, are stuffing their stockings with a $10 million legal settlement.”

“The suit, Salsgiver v. Yahoo, has been settled and checks have been issued, with some plaintiffs getting $10,000 to $12,000, before tax, for their troubles. (One plaintiff tells Valleywag that 75 percent of the settlement came in the form of taxable salary, with the rest paid as a penalty.)”

December 10, 2008

Yahoo curbs severance pay in event of a takeover

According to AP: “In a move that could make it easier to negotiate a sale, Yahoo Inc. has overhauled a severance program that could have saddled potential buyers with a huge bill after a takeover.”

“Yahoo is laying off 1,500 employees, or about 10 percent of its work force, as part of a cost-cutting plan, but those firings weren’t covered by the severance plan created for takeovers. “

Advice for Yahoo!s, from Yahoo!s

Forbes.com published a few useful job tips for the laid off Yahoo!s: “Then there are the scores of former Yahoo!s running fast-moving start-ups around Silicon Valley. Here are excerpts from interviews with former Yahoo!s with advice for those who have just left the company, or anyone pondering their next career move.”

Job tips covered in the article:  “On finding the right job”, “On flexibility”, “On the next big thing”, “On Yahoo!’s alumni network”, “On recharging”, “On keeping your head up“. Read full story

Leak: Yahoo’s secret layoff doublespeak revealed

According to Valleywag: “Yahoo’s script for performing the layoff begins when the boss walks up to an employee getting the sack. And then he says, “Thank you, [FIRST NAME HERE], for coming in. I have some information regarding our organization I’d like to tell you in person.” The anodyne managementspeak just gets worse from there: “I appreciate what you have done for Yahoo.””

Read full story

So the Yahoo Layoffs Finally Begin (Update 12-10-2008)

Sunnyvale, Calif. 12-10-2008.

LayOffBlog.com will be closely monitoring layoff news from Yahoo.

According to BusinessWeek: “This morning, Yahoo folks who haven’t been called into individual meetings with managers are waiting tensely and hoping they’ll still have a job by this afternoon.”

Update (12-08-2008): According to CNet News: “And while Yang, in the most recent earnings report call, noted that further layoffs could occur in 2009, AllThingsD, citing an anonymous source, said that an additional 500 positions may be cut through attrition and a hiring freeze.”

Update (12-10-2008): According to CNet News: “Most of the approximate 1,500 layoffs affect employees at Yahoo’s U.S.-based locations and come from a number of areas within the company, the company said”. “In February, the company cut 1,000 jobs after its fourth-quarter profit took a hit”.

Rumor (12-10-2008, 10:00 am): According to rumor from inside: “There are requests for the little people to be in the office by 9 a.m. If they can’t, they must be available by cell for the next 6 hours. Nobody sure what that all means. Are people going to get in early..

Rumor (12-10-2008, 2:20 pm): According to rumor from inside: “There are rumors of layoffs within the Brickhouse group in SF, Flickr, and brand marketing.”

Rumor (12-10-2008, 2:30 pm): According to rumor from inside: “people who accept severance pkgs also must sign a no-squawk agreement

Rumor (12-10-2008, 2:40 pm): According to Valleywag: “Yahoo has a strict set of rules to follow in layoffs: No small talk. Get to the point. Don’t own the employee’s feelings. Did Jerry Yang, the stumbling Internet company’s cloddish founder-CEO, follow them in his latest all-hands memo?”

Rumor (12-11-2008, 6:00 pm): Zimbra project members are safe for now.

November 25, 2008

Yahoo to layoff 2000 – 3000 employees by Dec. 10 – 15

According to F*Startups.com: “Yahoo.com will have 2000-3000 Layoff’s by Dec. 10th – 15th. This just came in from a high level executive at Yahoo. This includes the Northern & Southern California offices.

This is yet to be confirmed. Please add comments if you have any more information regarding this layoff.”

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