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Corporate Restructuring

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  • Facebook Devising New Advertising System: WSJ Thursday, 23 Aug 2007 | 5:53 AM ET

    Social networking Website Facebook is working on an advertising system to allow marketers to target users with ads based on the information people reveal about themselves on the site, the Wall Street Journal reported in its online edition early on Thursday.

  • Ford: No Jaguar Sale Decision Imminent Thursday, 23 Aug 2007 | 5:15 AM ET

    Ford Motor will not make an announcement about the sale of its Jaguar and Land Rover units until late this year or perhaps early in 2008, the head of the company's European operations said Wednesday night.

  • Former AOL executive Stephen M. Swad has become the new chief financial officer at mortgage finance giant Fannie Mae, the company said Wednesday. Swad's succession as finance chief, replacing Robert Blakely, had been planned for some time.  Blakely stepped down as its chief financial officer last Friday but remains an executive vice president.

  • Accredited Home Lenders Holding said on Wednesday it had stopped taking mortgage applications and would eliminate 1,600 jobs, or 62 percent of its work force, to cope with turmoil in subprime lending.

  • ADM Reorganizes Operations Under Single Group Wednesday, 22 Aug 2007 | 12:18 PM ET

    Archer Daniels Midland said Wednesday it is reorganizing under a single operations group, a move that will lead to some managerial positions being eliminated at the largest U.S. food processor and ethanol maker.

  • Mortgage Lender First Magnus Files Chapter 11 Wednesday, 22 Aug 2007 | 12:48 AM ET

    First Magnus Financial, one of the largest independent U.S. mortgage lenders, filed for Chapter 11 bankruptcy protection on Tuesday, the latest home loan provider to collapse as the housing market slumps and credit crisis widens.

  • Amgen Shares Hit 52-Week Low After Layoff Announcement Thursday, 16 Aug 2007 | 12:36 PM ET

    Amgen shares plunged to a 52-week low on Thursday in the wake of the biotechnology firm’s announcement that it will lay off more than 2,000 and as many as 2,600 employees--or 12 percent to 14 percent of its labor force.

  • Kraft Mulls Sale of Post Cereals Business: WSJ Thursday, 16 Aug 2007 | 3:58 AM ET

    Kraft Foods is in the early stages of looking for a buyer for its Post cereals business, maker of the Grape Nuts and Shredded Wheat brands, the Wall Street Journal reported on its Website on Thursday.

  • Amgen Plans to Cut 12-14% of Staff, Lowers Guidance Wednesday, 15 Aug 2007 | 4:38 PM ET

    Biotechnology firm Amgen said after U.S. markets closed Wednesday that it will slash its employee base by between 12 and 14% in hopes of reducing its 2008 cost forecasts by $1 billion to $1.3 billion on a pre-tax basis.

  • Starbucks Shakes Up Management, Adds COO Post Tuesday, 17 Jul 2007 | 2:51 PM ET

    Starbucks promoted the head of its international business to the new post of chief operating officer, part of a slew of management changes focused on the global development of the U.S.-based coffee shop chain.

  • Siemens' New CEO Loescher Replaces Kleinfeld Friday, 29 Jun 2007 | 7:22 AM ET

    Nokia said Klaus Kleinfeld, the president and chief executive of Siemens, has resigned from the board of Nokia Siemens Networks, as of July 1.

  • Wells Fargo Names Stumpf CEO; Kovacevich Remains Chair Wednesday, 27 Jun 2007 | 3:24 PM ET

    Wells Fargo, the fifth-largest U.S. bank, on Wednesday named John Stumpf chief executive, replacing Richard Kovacevich, who will remain chairman.

  • Hanesbrands to Cut 5,300 Jobs, Close 9 Facilities Wednesday, 27 Jun 2007 | 12:47 PM ET

    Hanesbrands will cut 5,300 jobs, or 11 percent of its current work force, and close nine sewing and assembly operations as it moves production to lower-cost sites in Asia and Central America.

  • Altria to Move Some Cigarette Production to Europe Tuesday, 26 Jun 2007 | 10:40 AM ET

    The parent of the Philip Morris cigarette companies said Tuesday it will close a North Carolina manufacturing plant that employs 2,500 people as it moves cigarette production for non-U.S. markets to Europe.

  • U.K.'s Jessops to Close Shops and Cut 550 Jobs Thursday, 21 Jun 2007 | 12:10 PM ET

    British photographic retailer Jessops plans to close about a quarter of its shops with the loss of 550 jobs, it said on Thursday as it seeks to slash costs in the face of a steep downturn in trading.

  • AutoZone Names New Chairman, Announce Share Buyback Thursday, 7 Jun 2007 | 10:28 AM ET

    AutoZone, the largest U.S. auto parts retail chain, said its board elected William Rhodes as its new chairman and authorized the repurchase of an additional $500 million of the company's shares.

  • Pulte Slashes Job Amid Housing Slump Friday, 1 Jun 2007 | 3:26 PM ET

    Facing a grim housing market, Pulte Homes  said Tuesday that it is cutting about 16% of its work force, or about 1,900 jobs, as part of a restructuring.

  • Cadbury to Cut Costs as Drinks Sale Nears: Source Friday, 1 Jun 2007 | 5:45 AM ET

    Cadbury Schweppes is planning to move out of its expensive central London offices as part of a cost-cutting drive that will be announced on June 19, a source familiar with the matter said on Friday.

  • Pulte To Cut 16% of Work Force Amid Weak Housing Market Wednesday, 30 May 2007 | 7:18 AM ET

    Facing a grim housing market, Pulte Homes  said Tuesday that it is cutting about 16% of its work force, or about 1,900 jobs, as part of a restructuring.

  • DaimlerChrysler to Reduce Debt Sharply: Report Friday, 18 May 2007 | 3:59 AM ET

    DaimlerChrysler will use the repayment of intercompany loans to reduce its debt sharply once the sale of its U.S. arm Chrysler closes, Chief Financial Officer Bodo Uebber told a newspaper.