Hector Fernandez, IGT’s Chief Executive Officer, stated that approximately 700 employees will be terminated from their jobs, which equals about 10% of the company’s entire global workforce.
Fernandez wrote in his March 23 letter announcing the layoffs that they are not due to poor performance but instead, “are necessary to align resources with business priorities and streamline operational processes to position ourselves better for future growth.”
IGT CEO Hector Fernandez wrote in the letter:
When we met in December for our first companywide town hall since I started as incoming CEO, I said we would move quickly to evaluate our business and make decisions to strengthen it. Over the past several months, we have kept that commitment. We examined where we focus, how we operate, and how our structure supports our strategy. As part of that review, we also had to make some difficult decisions about how our organisation is structured, and this work has led to a difficult but necessary step.
IGT has promised to assist employees who are losing their jobs in the following ways: by providing severance pay, outplacement services and support for transitioning to other jobs. Employees who are losing their jobs will receive some assistance from IGT.
It’s still unknown which geographical locations will have affected employees, which of IGT’s business areas will have affected employees, and how much money will be saved for IGT following the employee terminations.
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