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TomTom cutting 10 percent of its total workforce in bid to restructure

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TomTom is cutting 457 jobs, about 10 percent of its workforce, in restructuring plan that means to accelerate innovation.

TomTom for iPad
TomTom for iPad

TomTom CEO Harold Goddijn just announced a restructuring plan that calls for a 10 percent reduction in total workforce. That represents 457 jobs lost, 255 of which will be made "redundant" while the rest will be shed through a process of attrition. Here's Goddijn's statement:

"The new structure brings more transparency and accountability; makes it easier to make innovation choices and will reduce our time to market. I am confident that our customers will start to see the benefits and a higher pace of product introductions as soon as 2012."

The company, synonymous with personal navigation devices in the age of smartphones, will book a €14 million restructuring charge in Q4 2011 in a bid to achieve a cash savings of about €50 million in 2012.