Send this story to a friend
Symantec laying off an additional 75 in Mountain View
- Nathan Donato-Weinstein
- Real Estate Reporter- Silicon Valley Business Journal
- Email | Twitter
The Mountain View-based company initiated a reorganization plan back in January to cut costs, and All Things D reported back in June that up to 1,700 employees could be let go. Symantic has 21,000 workers companywide.
The latest round of layoffs, disclosed in a WARN Act notice to the city last week, follows three previous reductions in the city. Those reduced headcount by a total of 194, according to Employment Development Department notices.
Affected positions in the latest cutback across divisions and appear to comprise mostly managers and directors.
Symantec, which reported net income of $157 million on Tuesday, may be reaching the end of the layoffs. ZDNet reports that CEO Steve Bennett said the "organizational simplification initiative" would be "almost done" by the end of July. Severance and benefits payments would cost the company between $220 million to $250 million through the end of the year, ZDNet said.
A company spokesman said: "Symantec is in the midst of a company-wide transformation. As part of this effort, we are engaged in a company-wide reorganization. As a result, some positions are being eliminated. This action is a reflection of our new strategy and organizational simplification initiative announced on Jan. 23rd, 2013. One of the goals of Symantec’s reorganizational effort is to make the company’s employee reporting structure more efficient and support the company strategy moving forward."
Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.
No comments:
Post a Comment