SAN FRANCISCO—Analog chip vendor Intersil Corp. said Wednesday (May 23) it would cut about 11 percent of its workforce as part of a plan to reduce operating expenses by about $40 million per year.
Intersil (Milpitas, Calif.) said in a regulatory filing that its board of directors earlier this week approved the restructuring plan to focus the company on its top 10 growth drivers and revise its target operational model.
According to Intersil's website, the company has about 1,600 employees. An 11 percent layoff would involve about 176 jobs. The company provided no information about where the layoffs would come from within the company. A spokesperson for Intersil did not immediately respond to a request for more information about the layoffs.
Intersil said it expects to recognize restructuring-related charges of approximately $9 million, consisting primarily of employee severance benefits, during the second quarter of 2012.
It is particularly tough for the engineers in California. I wish there be a substantial cut to the pay & bonus for the CEO and VPs as a condolence to those laid-off engineers! After all, should the senior management be held accountable for the business failures?