Included in these layoffs are newly hired, veteran and recently promoted employees. The layoffs come shortly after the company hired Bob Lord as its new CEO of Aol Networks. In an introduction speech to employees, Lord mentioned that his family “summers” at Martha’s Vineyard. This, along with plans made by company analyst to stay at a Trump hotel in Chicago using company funds, are examples given by one of the company’s former employees that highlight its “reckless spending” and ”out of touch” behavior, reports Valleywag.
AOL will release its second-quarter earnings on Wednesday, which may give some insight as to why the company laid-off these employees.
The mass media company laid-off 40 employees in March in an effort to turn a profit with its Patch news network.
AOL shares were down 2% as of midday Monday.