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Financial efforts include management shuffle and new partners, investors
BUSINESS management software vendor MicroStrategy Inc. will lay off workers for the first time since its creation in 1989 as part of a restructuring plan that aims to turn around the company's financial future.
The Vienna, Va.-based company, which has watched its stock price drop from $333 per share March 10 to $27.50 recently, announced the restructuring plans last week.
"Our year-to-date financial performance has been unacceptable, and we are firmly committed to strengthening our business," said CEO and President Michael J. Saylor. "Reducing head count was a very difficult decision for us to make. However, this reduction was a necessary step in our plan to improve operating results," he explained.
The layoffs of 234 people 10% of the company's workforce - will be completed later this month.
While the markets for MicroStrategy's data mining...