KLA-Tencor to cut 15 percent of its people
San Francisco Business Times - by Steven E.F. Brown
KLA-Tencor Corp. will cut about 15 percent of its roughly 6,000 workers around the world to save money.
That works out to about 900 people losing their jobs.
The Milpitas semiconductor technology business (NASDAQ: KLAC) will take a charge of $15 million to $20 million for the layoffs, mostly from severance payments. It hopes to cut its quarterly “run rate” to about $165 million to $170 million.
The company expects further charges for restructuring, but didn’t guess what they would be.
On Nov. 13, KLA-Tencor’s board gave CEO Richard Wallace the additional title of president. He’s worked at the business since 1988 and became CEO in early 2006.
The board also agreed to “delay” annual increases in base salaries for its executives, including the CEO, as a way to save money.
Wallace’s base salary is $700,000, according to the company’s proxy card. It was set to go up to $800,000 for fiscal year 2009.
Related Industry News |
Latest News |
Most Viewed Stories |
Most Emailed Stories |
