Cullinet ex-aides say buyer has cut about 900 jobs
Article Abstract:
Computer Associates International Inc lays off about 900 employees of its recently acquisition Cullinet Software Inc. The drastic personnel cuts, involving 50 percent of Cullinet's workforce, are harsher than analysts expected, but the cuts could help return Cullinet to profitability. Recently fired Cullinet managers feel the cuts will disrupt customer service and cause delays in product development. Half of Cullinet's application product development staff and many seminar instructors for an annual customer meeting were let go. Severance and other payments related to the firings will cost Computer Associates $30 million.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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Lotus will cut up to 400 jobs, take a charge; software maker scales back as its rivals expand; stock surges on news
Article Abstract:
Lotus Development Corp responds to increasing competition and a diminishing market share in the microcomputer spreadsheet market by announcing plans to trim its staff by 400 employees, or 10 percent of its work force. The software company also announces that it will take a charge of between $14 million and $18 million for the 1991 4th qtr. Competition from Microsoft Corp and Borland International Inc are seen as being the prime reason for the retrenching effort. Investors responded favorably to the news of cost-cutting efforts and sent the stock up two dollars a share to close at $20.75 on Dec 5, 1991.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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Digital Equipment gives Palmer jobs of president, chief
Article Abstract:
Digital Equipment Corp (DEC) chooses Robert B. Palmer to be the company's new president and CEO. Palmer is also elected to DEC's board. Kenneth H, Olsen, founder and president of the company, will retire in Oct 1992. Olsen indicates that the board forced him out. Digital will report a loss in the 4th qtr of $1.5 billion or more. In the same period a year ago, DEC lost $871 million, or $7.08 a share, following a $1.1 billion charge on revenue of $3.95 billion. Industry observers say Palmer is likely to make many changes in management and to speed efforts to cut costs.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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