AOL to Cut 900 Jobs
Bloomberg reports:
AOL Inc. (AOL), the Internet company spun off from Time Warner Inc. in 2009, said it may eliminate up to 900 jobs as the company integrates its Huffington Post acquisition and restructures to try to return to revenue growth.
The company may cut as many as 700 jobs in India and 200 in the U.S., Chief Executive Officer Tim Armstrong wrote in a note to employees today obtained by Bloomberg News. In India, 300 of the affected employees will move to outsourcing partners and continue to do work for AOL, he said.
“Today, we are announcing an organizational structure that will significantly improve AOL’s ability to focus on growth,” Armstrong wrote in the memo. “Our strategy remains clear: create high quality content experiences for consumers, at scale.”
The company had 5,860 employees at the end of last year, according to securities filings. If the company sheds 900 jobs, that would be 15 percent of that figure.
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