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Jan 21, 2009

AMD announces 1,100 job cuts

AMD announced on Friday that it is to reduce its headcount by 1,100 and cut employee salaries in a bid to tackle the current economic crisis.

The chip firm had already warned investors that its profits are likely to be lower than expected this year, and has made two previous rounds of job cuts. AMD now intends to cut salaries as well.

Those expecting lighter pay packets in the coming months include chief executive Dirk Meyer and chairman Hector Ruiz, who will see their wages cut by 20 per cent. Other senior staff members will see their salaries reduced by 15 per cent, while lower-rung staff can expect cuts of between 10 and 15 per cent.

AMD said that the reductions are temporary, but did not specify how long they were expected to last.

Source : VNUNET
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