News Article
Rambus announces restructuring
The company expects cash savings of approximately $17 million annually.
Rambus, a technology licensing companies specialising in high speed memory architectures, announced a restructuring of the company. As a result of this action, Rambus will reduce its workforce by approximately 90 positions and will take a restructuring charge, on a cash basis, of approximately $4.0 million in the next two quarters, primarily related to severance expenses. With this restructuring and related cost saving measures, Rambus expects cash savings of approximately $17 million annually, principally due to reduced compensation related expenses.
"This is a difficult but appropriate adjustment that will position us to succeed in our strategic objectives," said Harold Hughes, president and chief executive officer at Rambus. "These steps will enable us to enhance our investments in breakthrough technology and strengthen our efforts to protect and be fully compensated for our patented inventions. We remain dedicated to the product commitments that we have made to our customers including the continued support of our leadership XDR memory architecture."
The savings realised through the restructuring are a combination of reduction in workforce across the company’s global operations in a number of both engineering and non engineering positions as well as a reduction in non workforce related expenses. After the restructuring, which is expected to be completed by the end of the year, Rambus will have a headcount of approximately 340 employees.
"This is a difficult but appropriate adjustment that will position us to succeed in our strategic objectives," said Harold Hughes, president and chief executive officer at Rambus. "These steps will enable us to enhance our investments in breakthrough technology and strengthen our efforts to protect and be fully compensated for our patented inventions. We remain dedicated to the product commitments that we have made to our customers including the continued support of our leadership XDR memory architecture."
The savings realised through the restructuring are a combination of reduction in workforce across the company’s global operations in a number of both engineering and non engineering positions as well as a reduction in non workforce related expenses. After the restructuring, which is expected to be completed by the end of the year, Rambus will have a headcount of approximately 340 employees.
