Qualcomm to Cut Jobs Amidst Cost Restructuring
Qualcomm today said it will pursue aggressive cost restructuring, including the elimination of jobs, as it seeks to balance its financials. Qualcomm indicated it plans to slash $1.4 billion in expenses through a number of different actions, including job cuts of about 4,500, or 15% of its work force. Other cost reductions will include a reduction in the amount grants given each year by $300 million; a review of alternatives to its corporate structure; a return of capital to stockholders; additions to its board of directors; a revamp of its compensation plans; and more discipline in its investments. As part of its restructuring efforts, Qualcomm said it will review the possibility of breaking into multiple different companies, each with its own focus. This follows a call to action from activist investors that wish to see the company divided into parts. "The actions we are taking today are designed to ensure that we are properly structured to seize these opportunities while delivering improved near-term performance," said Steve Mollenkopf, CEO of Qualcomm. "I have great confidence in our employees and our ability to implement this new plan and I look forward to providing our stockholders with quarterly updates on our progress." Qualcomm didn't immediately specify where it will focus job cuts.
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Microsoft today said it plans to further streamline its smartphone business, an action that includes job cuts and restructuring charges. The company plans to cut 1,350 jobs from its facilities in Finland, as well as another 500 jobs globally.
Broadcom Proposes to Oust Qualcomm's Board
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Broadcom today suggested Qualcomm's shareholders elect an entirely new board of directors during the latter's planned annual shareholder meeting on March 6, 2018. Broadcom took the opportunity to nominate 11 people to replace Qualcomm's board.
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Apple today outlined plans to contribute up to $350 billion to the U.S. economy across various avenues over the next five years.
Qualcomm Decides to Remain As Is
Dec 15, 2015
Qualcomm has completed a review of its corporate structure and said it will not make any changes to its makeup and/or organization. The company was examining whether or not it would make sense to break the company up into separate parts to unlock more value for shareholders.
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