Friday, January 16, 2009

Q1 2009 Bad News....


Seagate to shed almost 3,000 jobs, cut salaries
By Rex Crum, MarketWatch Last update: 4:07 p.m. EST Jan. 14, 2009 Comments: 27
SAN FRANCISCO (MarketWatch) - Seagate Technology said Wednesday it would cut about 6% of its worldwide workforce and lower the salaries of its top officers by as much as 25% as part of a restructuring plan by the world's top maker of computer hard-disk drives.
Seagate also said it would cut the salary of Luczo and "named executive officers and executive vice presidents" by 25%, would lower by 20% the salaries of senior vice presidents. Vice-president will see salary cuts of 15% and other management, sales, supervisors and professional employees will get a 10% cut. Seagate said the salary cuts should come to $80 million a year.

Motorola to cut 4,000 more jobs in 2009
Wednesday January 14, 7:53 pm ET By Ryan Nakashima, AP Business Writer
LOS ANGELES (AP) -- Mobile handset maker Motorola Inc. said Wednesday it will cut 4,000 more jobs in 2009, in addition to 3,000 it announced last year.The company said the move will save about $700 million a year starting in 2009, and total $1.5 billion in annual savings when combined with the previous cut.
Most of the new layoffs will hit the mobile devices business, while about 1,000 jobs are tied to corporate functions and other business units. The move is the latest in cost-cutting measures by Motorola, which has been struggling to revive its business in recent years. In December, it announced it was freezing its pension plans and reducing executive pay .