Yahoo! will fire thousands of employee next week, which is the first step in restructuring the company.

This move comes after Scott Thompson was appointed the CEO of Yahoo! and he presented his plans to restructure the company this week.

It is expected for these changes to massively reduce the number of employees ( Yahoo! officially has 14,000 employees ).

Yahoo! will fire many people from the marketing and research division. The entire department will be restructured and it will focus more on social media, advertising and new initiatives.

Also, the heads of multiple departments will be replaced.