AMD to cut 1,100 jobs
AMD is to cut 1,100 jobs, some 9% of its workforce, and implement pay cuts across the company
AMD will cut 1,100 jobs, and implement temporary pay cuts across the company, in an effort to provide economic stability, the company announced on Friday.
The cuts, which represent some 9% of AMD’s remaining workforce following the spin off of its manufacturing business, are in addition to 1,600 cuts announced in April last year.
The pay cuts will be made across the board, with chairman Hector Ruiz and CEO Dirk Mayer taking a 20% cut in basic salary, VPs and above a 15% reduction, and other levels taking either 10% or 5%.
The company will also suspend a scheme to match contributions to employee pension schemes in the US and Canada.
A statement issued by AMD said: “These actions, while difficult, will allow AMD to better navigate the turbulent economic conditions while protecting our core capability to execute our technology road maps and position AMD for long-term success.”