LayoffBlog.com

January 7, 2009

Lenovo is losing ground, will slash 2,500 jobs

According to Forbes: “Three years after its ambitious acquisition of IBM’s PC unit, the Chinese computer maker is losing ground to U.S. and Taiwanese rivals.”

“Lenovo , the world’s fourth-largest computer maker by shipments, warned it incurred a material loss in the fiscal third quarter that ended in December, and it is cutting costs in response. The company will slash 2,500 jobs, or 11.0% of its work force, and reduce executive compensation by 30% to 50%, including merit-based pay and long-term incentives, according to a company statement. It will merge its China and Asia-Pacific operations into an Asia-Pacific and Russia unit.”

Update (Bloomberg): Asian Stocks Decline, Wiping Out 2009 Gains; BHP Slump, Lenovo plunged 22 percent

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