AMD Cuts 1,100, Slashes Salaries
Sunnyvale-based AMD is the latest firm to make sweeping cuts due to the economy, saying Friday that it is cutting 1,100 positions, and will cut the salaries of its employees. According to the Wall Street Journal, AMD will make a 20% cut in salary for the firm's Executive, Hector Ruiz, the firm's CEO, Dirk Meyer, as well as various cuts--ranging from 5% to 15%--for all of its other employees. The firm's cuts also include eliminating matching 401(k) contributions, among other efforts.
posted on Friday, January 16, 2009
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