Daniel Loeb

Marissa Mayer, one of the top executives at Google, will be the next CEO of Yahoo, making her one of the most prominent women in Silicon Valley and corporate America. The appointment of Ms. Mayer, who was employee No. 20 at Google and was one of the few public faces of the company, is considered a surprising coup for Yahoo, which has struggled in recent years to attract top flight talent in its battle with competitors like Google and Facebook. Ms. Mayer, 37, had for years been responsible for the look and feel of Google’s most popular products

Yahoo is laying off 2,000 employees as new CEO Scott Thompson sweeps out jobs that don’t fit into his plans for turning around the beleaguered Internet company. The cuts announced Wednesday represent about 14 percent of the 14,100 workers employed by Yahoo. The company estimated it will save about $375 million annually after the layoffs are completed later this year. Yahoo will absorb a pre-tax charge of $125 million to $145 million to account for severance payments. The charge will reduce Yahoo’s earnings in the current quarter. Workers losing their jobs will be notified Wednesday.

More Blogs