<p>Struggling Internet company Yahoo Inc today said it will lay off 2,000 employees as part of a savings plan, a move that would save USD 375 million in a year for the company.<br /><br /></p>.<p>"Today's actions are an important next step toward a bold, new Yahoo — smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require," the newly appointed CEO of Yahoo, Scott Thompson, said in a statement. "We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities," Thompson said.<br /><br />"Our goal is to get back to our core purpose — putting our users and advertisers first — and we are moving aggressively to achieve that goal," he said.<br /><br />"As part of that effort, approximately 2,000 people will be notified of job elimination or phased transition," the company said.<br /><br />Yahoo, which has nearly 14,000 employees, has been struggling to increase its share in the internet market amid tough competition from Google and Facebook.<br /><br />The move would represent the first major change under new CEO, formerly head of eBay's PayPal unit, who took over in January, following Carol Bartz's departure in September, 2011.<br /><br />"Yahoo expects to realise approximately USD 375 million of annualised savings upon completion of all employee transitions," the company said.<br /><br />The company, which has nearly 700 million users, currently expects to recognise the majority of an estimated USD 125 to USD 145 million pre-tax cash charge relating to employee severance in its second quarter financial results.<br /><br />It may incur additional charges in connection with this action.</p>
<p>Struggling Internet company Yahoo Inc today said it will lay off 2,000 employees as part of a savings plan, a move that would save USD 375 million in a year for the company.<br /><br /></p>.<p>"Today's actions are an important next step toward a bold, new Yahoo — smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require," the newly appointed CEO of Yahoo, Scott Thompson, said in a statement. "We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities," Thompson said.<br /><br />"Our goal is to get back to our core purpose — putting our users and advertisers first — and we are moving aggressively to achieve that goal," he said.<br /><br />"As part of that effort, approximately 2,000 people will be notified of job elimination or phased transition," the company said.<br /><br />Yahoo, which has nearly 14,000 employees, has been struggling to increase its share in the internet market amid tough competition from Google and Facebook.<br /><br />The move would represent the first major change under new CEO, formerly head of eBay's PayPal unit, who took over in January, following Carol Bartz's departure in September, 2011.<br /><br />"Yahoo expects to realise approximately USD 375 million of annualised savings upon completion of all employee transitions," the company said.<br /><br />The company, which has nearly 700 million users, currently expects to recognise the majority of an estimated USD 125 to USD 145 million pre-tax cash charge relating to employee severance in its second quarter financial results.<br /><br />It may incur additional charges in connection with this action.</p>