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Lenovo cuts 2500 jobs, slashes executive compensation
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Posted on Thursday, January 08 2009 @ 17:17:44 CET by Thomas De Maesschalck |
Chinese computer builder Lenovo announced it will lay off 11 percent of its global workforce, or about 2,500 jobs, including some management positions. Also part of the restructuring plan is a 30-50 percent compensation cut for executives. Lenovo aims to save about $300 million in the fiscal year ending March 31, 2010.
The Asian computer maker reported a 78 percent lower profit last quarter and said it expects to report a loss for the three months ending December 31.
"This is something they have to do. If they don't do it, the company will have a huge loss," said J.P. Morgan & Co. analyst Charles Guo. "We believed they had to do something drastic. This 11 percent is within our expectations."
Lenovo has been hit especially hard by global turmoil because corporate customers that account for 60 to 70 percent of sales are slashing spending, Guo said.
"Overall, it will be quite difficult for Lenovo in the next nine to 12 months," he said.
Source: AP
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