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Western Digital to slash 2,500 jobs, cut executive pay
Hard drive maker Western Digital said Tuesday it plans to cut 2,500 jobs, or about 5 percent of its global workforce, and will reduce executive pay in response to weakening demand for its products linked to the economic turmoil. Western Digital said demand for the current quarter is "significantly below" what it expected when it issued revenue guidance in October. The company now expects fiscal second-quarter sales of $1.7 billion to $1.8 billion, with a "consequent reduction in operating results."
Western Digital will also stop its manufacturing operations from Dec. 20 through Jan. 1, reduce manufacturing hours by 20 percent through employee attrition and trim its use of temporary workers and overtime shifts. It is also closing one of its three hard drive factories in Thailand and will close or sell one of two facilities in Malaysia.
Posted by | Wed, Dec 17, 2008 - 11:38 AM
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