Silicon Valley chipmaker Advanced Micro Devices will eliminate 1,100 jobs - roughly 9 percent of its workforce - in the first quarter, according to a report on Marketwatch. The company also said it will suspend its 401(k) match for employees and that executive chairman Hector Ruiz and CEO Dirk Meyer each will temporarily take a 20 percent base salary cut.
There will be smaller percentage salary cuts for other employees, as well - 15% for vice presidents and other execs; 10% for nonovertime-eligible employees; and 5% for all overtime-eligible employees. The company also plans to take a $622 million goodwill impairment charge related to its 2006 acquisition of ATI Technologies acquisition and will also post a $62 million charge related to the purchase.
Sunday, January 18, 2009
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment