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.