NetApp to Lay Off About 6% of Workers In Latest Restructuring
November 03 2016 - 9:30PM
Dow Jones News
NetApp Inc. plans to lay off about 6% of its workers, the latest
cost-cutting move as the data-storage company adjusts to market
changes.
The unspecified number of cuts, which are to be completed by the
end of its business year in April and result in an estimated $50
million to $60 million in charges, follow two earlier rounds that
cut its workforce by about 14%.
As of April 29, NetApp had approximately 12,030 employees, but
more than 1,000 of those were included in an earlier round of
layoffs.
The Silicon Valley company has reported lower profit for the
past two years and falling sales for three years running.
In October, it hired Broadcom Ltd. veteran Bill Miller as chief
information officer, the latest management change as the company
continues to reshape itself. Chief Executive George Kurian took
over the post in June 2015, Chief Technology Officer Mark Bregman
joined NetApp in September 2015, Chief Financial Officer Ron Pasek
in April and Chief Marketing Officer Jean English in August.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 03, 2016 21:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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