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Corporate Restructuring

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  • 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.

  • Alcoa To Explore Sale Of Packaging Operations Wednesday, 25 Apr 2007 | 2:46 PM ET

    Alcoa, the world's largest aluminum company, said it may sell three of its businesses including its packaging unit, which makes Reynolds Wrap, sending shares of the world's largest aluminum company up more than 7%.

  • Citigroup Can't Cut Its Way To New Growth Wednesday, 11 Apr 2007 | 1:44 PM ET

    William Smith, chief executive officer at SAM Advisors, told CNBC’s “Power Lunch” that the 17,000 job cuts announced by Citigroup aren’t enough to move the company forward.

  • AMD Shares Rise on Cost Cutting Plans Monday, 9 Apr 2007 | 10:05 AM ET

    Shares of Advanced Micro Devices rose about 4% after it announced a restructuring to lower costs. The chipmaker also cut first-quarter revenue guidance to $1.23 billion, well below Wall Street forecasts.

  • Circuit City Shares Higher On Restructuring Plans Wednesday, 28 Mar 2007 | 3:16 PM ET

    Circuit City Stores  said it will explore options including a sale for its Canadian unit InterTAN Inc. and cut about 3,400 store associate jobs as the retailer tries to improve its financial performance.

  • Citigroup May Cut Jobs, Take $1 Billion Charge - WSJ Monday, 26 Mar 2007 | 11:38 AM ET

    Citigroup executives are putting the finishing touches to a restructuring plan that is likely to involve around 15,000 job cuts and a charge against earnings of more than $1 billion, according to people familiar with the matter, The Wall Street Journal reported.

  • U.K.'s Standard Life Beats Forecasts, Eyes Job Cuts Thursday, 22 Mar 2007 | 7:04 AM ET

    Insurer Standard Life beat market forecasts on Thursday with a 55% rise in 2006 profit and said it planned a shake-up of its core U.K. business, including 1,000 job cuts to squeeze out more costs by 2009.