On June 6, 2023, Edgio Board Approved Restructuring Plan, Including Reduction In Force Of 134 Employees, Or Approximately 12% Of Global Workforce
Portfolio Pulse from Benzinga Newsdesk
Edgio's board approved a restructuring plan on June 6, 2023, which includes a reduction in force of 134 employees, or 12% of its global workforce. The company expects $3.7 million in charges and $23.7 million in net annual savings.
June 07, 2023 | 9:33 pm
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Edgio's restructuring plan will result in a 12% workforce reduction, with $3.7 million in charges and an expected $23.7 million in net annual savings.
The restructuring plan will lead to a significant reduction in Edgio's workforce, which may initially cause negative sentiment among employees and investors. However, the expected $23.7 million in net annual savings will likely improve the company's financial position and profitability in the long run, leading to a positive short-term impact on the stock price.
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