Intel is expected to reveal a sweeping management change today, said the New York Times attributing to people briefed on the company. This management shake-up will witness its core chip Business Head Patrick Gelsinger leave the company after 30 years.
As Gelsinger departs, Sean Maloney, Intel's Head of Sales and Marketing, would take on an even larger role at the company. Maloney will look after the major chip businesses in Intel including its PC, graphics and server chips.
Also, Maloney, Intel's Sales Chief, is considered to be one of the possible successor to Intel CEO Paul Otellini. Another report from the Wall Street Journal, said 48-year-old Gelsinger would run computer-storage giant EMC's storage-products operations and some smaller software units.
Agencies
Showing posts with label New York Times. Show all posts
Showing posts with label New York Times. Show all posts
Monday, September 14, 2009
Tuesday, March 10, 2009
Has IBM resorted to scattered layoffs globally?
Technology giant IBM is resorting to "scattered layoffs" and the total could be nearly 4,600 employees in North America even though the company has reported surprisingly strong quarterly profits in January, a media report says.
"Big companies also routinely carry out scattered layoffs that are small enough to stay under the radar... and IBM is one such company," the New York Times said.
Interestingly, after reporting strong quarterly profits in January, its Chief Executive Samuel J Palmisano in an e-mail message to employees said that while other companies were reducing jobs, his company would not. "Most importantly, we will invest in our people," he wrote.
But the next day, the New York Times said "more than 1,400 employees in IBM's sales and distribution division in the United States and Canada were told their jobs would be eliminated in a month. More cuts followed, and overall, IBM has told about 4,600 North American employees in recent weeks that their jobs are vanishing."
Quoting J Randall MacDonald, IBM's senior vice-president for human resources, the newspaper said "it was routine for the company to lay off some employees while hiring elsewhere".
IBM says it remains the largest high-tech employer in the US, with 1,15,000 workers. But IBM's American employment has declined steadily, down to 29 per cent of its worldwide payroll of 3,98,445 at the end of 2008.
However, experts have a different take on this. According to them, these unannounced cuts raise issues of disclosure and the treatment of workers.
The report cited Harley Shaiken, a labour economist at the University of California, Berkeley, as saying that "the issue becomes all the more pressing in this downward economic spiral."
Meanwhile, as part of a government filing last week, IBM said its workforce in Brazil, Russia, India and China had climbed to 1,13,000. These are markets with faster growth than the United States, and less expensive skilled labour.
"At IBM, the layoffs are coming swiftly, if with less disclosure. The estimate of 4,600 job cuts comes from adding up the itemised headcounts in information packages given to employees in each of the businesses," the report said.
NYT further added, "In its financial statements, IBM does report the cost of severance payments and outplacement counselling for layoffs about USD 400 million annually in the last five years but not head counts."
Meanwhile, IBM workers whose jobs are being eliminated have said the undisclosed cuts, and the timing, seemed to contradict the company's public statements.
Agencies
"Big companies also routinely carry out scattered layoffs that are small enough to stay under the radar... and IBM is one such company," the New York Times said.
Interestingly, after reporting strong quarterly profits in January, its Chief Executive Samuel J Palmisano in an e-mail message to employees said that while other companies were reducing jobs, his company would not. "Most importantly, we will invest in our people," he wrote.
But the next day, the New York Times said "more than 1,400 employees in IBM's sales and distribution division in the United States and Canada were told their jobs would be eliminated in a month. More cuts followed, and overall, IBM has told about 4,600 North American employees in recent weeks that their jobs are vanishing."
Quoting J Randall MacDonald, IBM's senior vice-president for human resources, the newspaper said "it was routine for the company to lay off some employees while hiring elsewhere".
IBM says it remains the largest high-tech employer in the US, with 1,15,000 workers. But IBM's American employment has declined steadily, down to 29 per cent of its worldwide payroll of 3,98,445 at the end of 2008.
However, experts have a different take on this. According to them, these unannounced cuts raise issues of disclosure and the treatment of workers.
The report cited Harley Shaiken, a labour economist at the University of California, Berkeley, as saying that "the issue becomes all the more pressing in this downward economic spiral."
Meanwhile, as part of a government filing last week, IBM said its workforce in Brazil, Russia, India and China had climbed to 1,13,000. These are markets with faster growth than the United States, and less expensive skilled labour.
"At IBM, the layoffs are coming swiftly, if with less disclosure. The estimate of 4,600 job cuts comes from adding up the itemised headcounts in information packages given to employees in each of the businesses," the report said.
NYT further added, "In its financial statements, IBM does report the cost of severance payments and outplacement counselling for layoffs about USD 400 million annually in the last five years but not head counts."
Meanwhile, IBM workers whose jobs are being eliminated have said the undisclosed cuts, and the timing, seemed to contradict the company's public statements.
Agencies
Saturday, November 22, 2008
Citi likely to replace Vikram Pandit as CEO
Citigroup's Board is considering firing its Chief Executive Vikram Pandit, who was appointed as CEO late last year to infuse confidence, as the banking giant finds itself searching for hope all over again.
Replacing Pandit – an enthusiastic defender of the company's existing mix of businesses – is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
In a series of tense meetings and telephone calls, the executives weighed several options, including whether to replace Citigroup's chief executive Vikram S Pandit or to sell all or part of the company, the New York Times reported.
The paper reported that the company's executives on Friday entered into talks with federal officials about how to stabilise the struggling financial giant.
The report came amidst some analysts saying that infusion of $50 to $100 billion might be needed to bail out the bank.
The course of action, however, remained uncertain on Friday night, the people involved in talks were quoted as saying, and other options may yet emerge. But after a year of gaping losses and an accelerating decline in share price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts were quoted by The New York Times as saying.
The paper said, Citigroup's management and some board members held several calls with Henry M Paulson Jr, the Treasury secretary, and with the president of the Federal Reserve of Bank of New York, Timothy E Geithner, who later emerged as President-elect Barack Obama's choice to be Treasury secretary.
Source: PTI
Replacing Pandit – an enthusiastic defender of the company's existing mix of businesses – is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
In a series of tense meetings and telephone calls, the executives weighed several options, including whether to replace Citigroup's chief executive Vikram S Pandit or to sell all or part of the company, the New York Times reported.
The paper reported that the company's executives on Friday entered into talks with federal officials about how to stabilise the struggling financial giant.
The report came amidst some analysts saying that infusion of $50 to $100 billion might be needed to bail out the bank.
The course of action, however, remained uncertain on Friday night, the people involved in talks were quoted as saying, and other options may yet emerge. But after a year of gaping losses and an accelerating decline in share price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts were quoted by The New York Times as saying.
The paper said, Citigroup's management and some board members held several calls with Henry M Paulson Jr, the Treasury secretary, and with the president of the Federal Reserve of Bank of New York, Timothy E Geithner, who later emerged as President-elect Barack Obama's choice to be Treasury secretary.
Source: PTI
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