There are a lot of things happening at AOL as the once mighty Internet giant is going through some pretty tough restructuring. It’s about to get separated from Time Warner as an independent company listed in the stock market. It’s also trying to get rid off any business not crucial to its operation. And now it’s moving forward with the cost cutting plans, aka “massive firings,” which have been looming for months.
“Project Everest,” as the program has been cunningly named, involves getting rid of thousands of employees to help the company get back on track. The first sign came last week when about 100 employees were let go, but the company said it was only a matter of time until the second phase would begin. This second step would involve “voluntary” layoffs, a suggestion CEO Tim Armstrong got from the company’s employees during his mythical 100 days of corporate “soul searching” when he went to visit all of the company’s businesses and properties.
The suggestion seemed like a good idea so AOL is trying this first, asking for up to 2,500 employees to step down on their own accounts. The move was revealed in a regulatory SEC filing. The program will begin on December 4, just five days before spinning off from Time Warner and six days before the new AOL st… (read more)