Sun to cut up to 5,000 jobs
p2p news / p2pnet: A cloud has formed over Sun.
The company’s Scott McNealy recently left after 22 years and now the new ceo, Jonathan Schwartz, says he’ll save money by, among other things, slashing up to 5,000 jobs.
Sun will also sell its Newark, California, campus, says Bloomberg News.
"Bending to shareholder pressure, the company also unveiled a major change in its corporate rules by making it harder for the board to trigger a poison pill," says the San Francisco Chronicle.
"Such a measure is traditionally used to prevent hostile takeovers, but some Sun shareholders had complained in recent years that the company’s poison pill could also be used to block a sale of the corporation against the wishes of the stockholders."
The cuts mean job losses for up to 13% of the company’s workforce of 37,500, says the story.
"The moves will cost $340 million to $500 million, mostly in this quarter, and save $480 million to $590 million a year, Santa Clara, Calif.-based Sun said yesterday," says Bloomberg.
Also See:
Bloomberg News – Sun plans to cut up to 5,000 jobs, June 1, 2006
San Francisco Chronicle – Sun plans to cut nearly 5,000 jobs, June 1, 2006
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June 1st, 2006 at 9:18 pm
So at what point do employees (you know, those people who actually DO SOMETHING to earn money…) get to totally f#@k up the stockholder’s lives?
Business needs investment to function. It needs employees too. Why is it that stockholder interests are virtually always put ahead of employees?
Stockholders. Risking money.
Employees. Giving up a significant portion of their lives.
Money, life. Of those two which is it possible to get more of?
Once you strip away all the bullshit, your time is all you have here.