Symmetricom announces second round of layoffs this year
Summary
Symmetricom, the San Jose supplier of timing and synchronization tools, announced its second layoff of the year today, saying it would eliminate some 30 positions, or about 4 percent of its workforce. The move is expected to save the company $3.5 million annually. In January the company said it planned to let go of 100 employees, or about 11 percent of its work force at that time, in order to “streamline manufacturing operations and improve operational efficiencies.” Those cuts were expected to cost the company $7.1 million to make. And less than a month after those cuts were announced, the company said its chief executive Tom Steipp would retire at the end of the company’s 2009 fiscal year at the end of this month. Steip made $45,700 exercising and selling options good on nearly 14,000 shares this week, according to forms he filed with the SEC today.