AOL Seeks Huge Workforce Reduction
AOL is looking to cut approximately one-third of its overall workforce, and chairman and CEO Tim Armstrong is foregoing 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 in December. It would need to make involuntary layoffs if it does not reach the target numbers through the voluntary option.
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