Brief: Cirrus Logic Inc Notified Its Employees That It Has Implemented A Workforce Reduction Of Approximately 5% Of Its Global Employees

Cirrus Logic

12/07/2023 22:22

July 12 (Reuters) - Cirrus Logic Inc  CRUS.O :
    * CIRRUS LOGIC INC- ON JULY 12, CO NOTIFIED ITS EMPLOYEES
THAT IT
HAS IMPLEMENTED A WORKFORCE REDUCTION OF APPROXIMATELY 5% OF ITS
GLOBAL EMPLOYEES
    * CIRRUS LOGIC INC - EXPECTS TO RECOGNIZE CHARGES RELATED TO
THIS
WORKFORCE REDUCTION IN Q2 OF FISCAL YEAR 2024
    * CIRRUS LOGIC INC - CONTINUES TO TAKE STEPS TO IMPROVE
OPERATIONAL EFFICIENCY THROUGH PRODUCT PRIORITIZATION, TARGETED
INVESTMENTS IN RESEARCH AND DEVELOPMENT
    * CIRRUS LOGIC INC-BOARD APPROVED CEO, JOHN FORSYTH REQUEST
TO
REDUCE HIS BASE SALARY, EFFECTIVE IMMEDIATELY, BY 10% FROM
$728,000 TO $655,200

Further company coverage:  CRUS.O