Spansion plans 3,000 job cuts
Flash memory maker Spansion Inc. said late Monday it will cut its global work force by 35 percent, or about 3,000 jobs.
The Sunnyvale-based company (NASDAQ: SPSN) said the cuts will take place mainly at manufacturing sites.
Source: Silicon Valley / San Jose Business Journal
Apparently, the 35% layoffs were accompanied by RESCINDING executive pay cuts, on the theory that they do not want senior management to go elsewhere. First of all, where would these managers go in this economy and second, if the company is losing money, why isn’t it hanging on to every dollar? Appearances matter, folks. This is shameful.