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Yahoo announced on Wednesday it will slash about 14 percent of its workforce, or about 2,000 jobs, as part of its restructuring plan.
CNN explains that new CEO Scott Thompson, who joined the company in January, has vowed to radically restructure the company. In a statement, he said the cuts "are an important next step toward a bold, new Yahoo—smaller, nimbler, more profitable and better equipped to innovate."
Yahoo currently employs about 14,000 people. There's no official word yet on where the cuts will come from, but unnamed sources tell the New York Times that the company's product division will take the heaviest hit, while its media division will be mostly spared.
When the job cuts are complete, and severance costs paid, the company says it'll save $375 million annually.