Symantec to lay off as many as 1,700
Posted by: Tim Tibbetts on 06/13/2013 02:57 PM
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Security software company Symantec may lay off as many as 1,700 employees as early as today, sources familiar with the company’s plans tell AllThingsD.
“Symantec is in the midst of a company-wide transformation. As part of this effort, we are engaged in a company-wide reorganization. As a result, some positions are being eliminated. This action is a reflection of our new strategy and organizational simplification initiative announced by Symantec’s executives on Jan. 23rd, 2013. One of the goals of Symantec’s reorganizational effort is to make the company’s employee reporting structure more efficient and support the company strategy moving forward. There are several stages to the reorganization process, as we define executive and management layers down to all levels of employees. Some notifications are happening this month, as part of this the process. We are communicating with employees directly and do not have more information to share at this time.”
Update: Shareholders are reacting to the news of the layoffs with a nod of approval. As of 12:05 PM Pacific Time, Symantec shares are up by 27 cents or more than one percent to $22.44.
“Symantec is in the midst of a company-wide transformation. As part of this effort, we are engaged in a company-wide reorganization. As a result, some positions are being eliminated. This action is a reflection of our new strategy and organizational simplification initiative announced by Symantec’s executives on Jan. 23rd, 2013. One of the goals of Symantec’s reorganizational effort is to make the company’s employee reporting structure more efficient and support the company strategy moving forward. There are several stages to the reorganization process, as we define executive and management layers down to all levels of employees. Some notifications are happening this month, as part of this the process. We are communicating with employees directly and do not have more information to share at this time.”
Update: Shareholders are reacting to the news of the layoffs with a nod of approval. As of 12:05 PM Pacific Time, Symantec shares are up by 27 cents or more than one percent to $22.44.
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