Nortel to shed nearly 10 percent of its workforce

Iria · Feb 9, 2007, 11:09 PM

Source: ZDNet UK
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Nortel Networks is to lay off nearly 10 percent of its workforce and replace another 3 percent of staff with workers in low-cost countries.

The cuts, which will affect 3,900 individuals, were described by Nortel chief executive Mike Zafirovski as "tough but necessary". They are part of Zafirovski's wider "business transformation plan", with which he aims to cut $1.5bn (£761m) in costs by 2008. Along with the staff cuts, Nortel will reduce its R&D spend from 17 percent to 15 percent of revenues.

bug77 · Feb 10, 2007, 10:50 AM

Hehe! More work for me! Cool.

Feb 9, 2007, 11:09 PM	#1
Iria DriverHeaven Extreme Member Join Date: Apr 2004 Posts: 7,275 Rep Power: 87	Nortel to shed nearly 10 percent of its workforce Source: ZDNet UK _________ Nortel Networks is to lay off nearly 10 percent of its workforce and replace another 3 percent of staff with workers in low-cost countries. The cuts, which will affect 3,900 individuals, were described by Nortel chief executive Mike Zafirovski as "tough but necessary". They are part of Zafirovski's wider "business transformation plan", with which he aims to cut $1.5bn (£761m) in costs by 2008. Along with the staff cuts, Nortel will reduce its R&D spend from 17 percent to 15 percent of revenues.

Feb 10, 2007, 10:50 AM	#2
bug77 DriverHeaven Senior Member Join Date: Oct 2003 Location: around Posts: 792 Rep Power: 0	Hehe! More work for me! Cool.