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U.S. markets recover from steep losses
SUNNYVALE, Calif., Dec. 11 (UPI) -- California tech giant Yahoo! Inc. began layoffs this week, amid rumors of a potential new chief executive officer candidate.
Yahoo! CEO Jerry Yang has said he will step down from his post. Unconfirmed reports point to Vodafone CEO Arun Sarin as one candidate under consideration by Yahoo!'s board, USA Today reported Thursday.
ARM Research analyst Jonathan Yarmis said Yahoo! was "unlikely to get a CEO until a search deal is done or not," referring to questions surrounding Yahoo!'s search business.
A major shareholder group said this week that Yahoo! should consider selling its Internet search business to Microsoft Corp.
The 10 percent staff reduction began Wednesday. Yahoo! said the remaining workers affected would be notified by the end of the month.
The cut involves 1,500 employees.
"The reductions we're making are very hard, but they are also very necessary as we focus on the long-term health of our business," Yang wrote in an Internet posting Wednesday.
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