Sunnyvale, Calif. -- Yahoo said on Wednesday it plans to cut 2,000 jobs -- or 14% of its global workforce -- as part of a massive makeover of the struggling Internet company. The Sunnyvale-based company said it planned to begin informing affected employees on Wednesday. The moves are expected to help it trim annual expenses by $375 million. "Today's actions 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," said CEO Scott Thompson. "We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities." Yahoo said it plans to limit future investments and "radically simplify" how it builds and maintains many of its properties.