A Valleywag tipster informed them that there will be a major lay-off at Yahoo! Inc. (NASDAQ:YHOO). We’re talking 3,500 jobs, mostly in sales and finance. But before the lay-off happens, Yahoo! will be hosting a multimillion dollar holiday party. The lay-off date will be on December 10 and will involve 50% of the finance workforce, 10% of engineering, and 25% of sales/general/administrative.
The holiday party will be taking place at the San Mateo Convention Center and will have a Las Vegas theme. If this tip is actually true, then that is just terrible news.
“I guess Jerry Yang feels that maybe he would have better luck betting the whole company on a Las Vegas table than he has at running it. As you reported, our CFO is cutting the severance packages (I guess so he can fund the multimillion dollar holiday party),” stated the Valleywag tipster. “Employees are outraged and are planning to boycott the party. Maybe they should have surveyed the employees to see if they wanted to attend one party or get better benefits in their layoff packages. My finance peers should get their resumes updated as 50% of us will be leaving.”
Yahoo!’s stock price is fluctuating quite a bit and they have postponed their ad deal with Google until government regulation is complete with the review. This is the type of news that makes me wonder who is a better CEO. Semel or Yang?