AOL, which will be spun off from parent company Time Warner next month, wants to cut its staff by about a third, and is giving employees a chance to volunteer to join the ranks of the unemployed.
AOL has announced a “voluntary layoff program” that will run between Dec. 4 and Dec. 11 and that seeks up to 2,500 employees willing to resign. The company’s current headcount is about 6,900.
“We will need to do an involuntary layoff if we do not reach the target numbers through the voluntary option. We believe the voluntary program gives people more choice and decision-making ability instead of waiting for the final cost recommendations and involuntary layoffs,” AOL spokeswoman Tricia Primrose said via e-mail on Thursday.
In addition, CEO Tim Armstrong has decided he will not accept his bonus this year.
Wow! Remember when AOL was the powerhouse in internet access? The user interface was terrible. I feel bad for the employee's who will be job hunting in this economy.