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Software maker Informatica announces 450 staff cuts and new CFO
https://www.whatjobs.com/news/usa/us-business-news/software-maker-informatica-announces-450-staff-cuts-and-new-cfo
By Nithya Bose in US business news, posted January 11, 2023
Informatica has revealed it is cutting 450 staff and replacing its chief financial officer to "better align the company’s global workforce."
The software maker intends to make most of the job losses by the end of March.
The layoffs represent around seven percent of the company's global workforce.
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The move "is intended to better align the company’s global workforce and cost base with its cloud-focused strategic priorities and current business needs.”
In addition, the firm, which provides data analysis and management services, appointed Michael McLaughlin as its new CFO.
He succeeds Eric Brown, who has served as Informatica's CFO since 2018.
The company announced Mr. Brown’s departure at the start of this week.
CEO Amit Walia said: "We're thrilled to welcome Michael to the Informatica team.”
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McLaughlin said: "I am honored to step into this role and to support Informatica’s continued transformation to a cloud-only company.”
Informatica has been losing money, and its stock has fallen 21 cents a share.
The company expects a charge of $25 million to $35 million as a result of severance payments and other costs connected to layoffs.
The corporation is the latest in a string of Bay Area tech job cuts, following Salesforce, Cisco, and Intel.
Informatica representatives did not reply immediately to a request for comment on the company's layoffs and CFO change.
Source: The Business Journals
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