Home Business Cirrus Logic Cuts 5% Staff, CEO Cuts his Salary By Investing.com

Cirrus Logic Cuts 5% Staff, CEO Cuts his Salary By Investing.com

Cirrus Logic (CRUS) Cuts 5% Staff, CEO Cuts his Salary

On July 11, 2023, the Compensation and Human Resources Committee (the “Committee”) of Cirrus Logic, Inc. (NASDAQ:) Board of Directors approved the request of the Company’s CEO, John Forsyth, to reduce his base salary, effective immediately, by 10% from $728,000 to $655,200. Mr. Forsyth voluntarily requested this reduction in acknowledgement of the workforce reduction described in Item 7.01 immediately below. The Committee may review, change, or end such reduction at its discretion in the future.

On July 12, 2023, the Company notified its employees that it has implemented a workforce reduction of approximately 5% of its global employees. This action was taken in response to overall market conditions and the impact related to a new product previously scheduled for introduction this fall no longer being expected to come to market as planned, which the Company previously disclosed in its Annual Report on Form 10-K for its fiscal year 2023 filed with the Securities and Exchange Commission (“SEC”) on May 19, 2023. The Company continues to take steps to improve operational efficiency through product prioritization, targeted investments in R&D, and continued leverage in SG&A. The Company expects to recognize charges related to this workforce reduction in the second quarter of fiscal year 2024.

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