Lenovo to cut 2500 jobs
China based personal computer maker Lenovo has announced that they are going to cut 2500 jobs in their global operations.
The company has said that they are going to post a loss in the last quarter of 2008.
market analyst Frank He spoke about Lenovo: “We believe deteriorating PC demand in China forced the company to incur a loss. Lenovo’s current share price doesn’t support its gloomy fundamental outlook in the near term.”
These job cuts would include positions in management and executive segments.
The company also added that they are planning to slash executive pay by 30 to 50 percent.
Lenovo further said that none of these job cuts are planned for their operations in Hong Kong or China.
Company chairman Yang Yuanqing said: “We are taking these actions now to ensure that in an uncertain economy, our business operates as efficiently … as possible.”
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