AOL to Cut One-Third of Workforce
AOL is looking to cut approximately one-third of its overall workforce, and chairman and CEO Tim Armstrong is forgoing his 2009 bonus, the online company told employees Thursday.
It will look for up to 2,500 employees to voluntarily leave and accept severance packages early next month, the company said.
The staff reductions would come around the time of AOL’s planned spinoff from Time Warner next month. It will need involuntary layoffs if it does not reach the target numbers through the voluntary option.
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