Internet giant Yahoo is laying off 2,000 employees, as the company's new CEO Scott Thompson attempts to turn things around.
Wednesday's cuts account for about 14 percent of the entire staff. Yahoo estimates the layoffs will save about $375 million per year when they are completed later this year.
"[The layoffs] are an important next step toward a bold, new Yahoo -- smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require," Thompson said in a statement.
Some of the affected employees will stay on for an unspecified period of time to finish various projects, according to Yahoo.
This is the sixth mass layoff for the company in the past four years.
Wednesday's upheaval is the latest sign of Thompson's determination to shake up the company.
In recent years, Yahoo has lost steam to Internet search leader Google Inc., as well as Facebook's enticing online advertisement options.