AOL to cut one-third of workforce

AOL plans to cut one-third of its workforce after its spin-off from Time Warner is completed, the Internet media company announced Thursday in a government filing.

Tim Armstrong, AOL's chief executive, also told his staff Thursday that he will not take a bonus for 2009.

"As a member of our team and the person who takes accountability for the results of the company, I am making the decision to forego my 2009 bonus," Armstrong said in an e-mail to AOL employees. "That decision is a personal one and is not a sign for the future payout of the overall bonus plan for employees."

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- Posted: 2009-11-19 11:30:25

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