AOL CEO Randy Falco’s Entire Memo to the Troops on Layoffs
Here is the letter AOL CEO Randy Falco has penned to the entire staff about its layoffs, to be announced later today.
As BoomTown previously reported, Time Warner (TWX) online unit AOL will announce layoffs of 700 employees people this afternoon, due to both the weak economy and a deep fall off in advertising revenue, but also because of recent structural changes made to refocus the once-mighty service.
The 10 percent reduction in work force will take place over the next several quarters, with most of the U.S. layoffs to be completed by March. AOL has 7,000 employees worldwide, most located domestically.
Here’s Falco’s letter:
Dear AOL colleagues,
I’m writing to tell you about some important decisions we’ve made about AOL’s business and why we’ve made them.
The deepening economic recession has affected every corner of the economy, including our own. Online marketers have tightened their ad buying across the board, reducing their spend by hundreds of millions of dollars.
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