AOL plans to axe 2,300 employees

Posted By: Staff
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New York, Dec 26: AOL Inc plans to cut about one-third of its workers about 2,300 people, the company in a Security and Exchange document has said.

The filing said, "The Restructuring will include the reduction of approximately a third of the Company"s current employee base, which will be conducted on a voluntary and involuntary basis."

According to the filing, AOL's board has officially approved the restructuring started by CEO Tim Armstrong last month.

The company has said before it will be slashing a third of its staff through voluntary buyouts and layoffs.

The company said that the $200 million or so in charges related to this restructuring, about $150 million would be in severance and benefit costs, and up to $50 million of charges related to facility closures and other costs.

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