Lenovo To Cut 2,500 Jobs; Reducing Exec Compensation

The signs of trouble in the PC industry continue to mount. Lenovo , the world’s fourth-largest PC manufacturer, this afternoon announced that it will cut its worldwide workforce by about 2,500 in the first quarter, a reduction of about 11%. The company also plans to reduce executive compensation by 30%-50%. The company also said it is consolidating its China and Asia Pacific organizations into a single group, and it is moving its call center from Toronto to Morrisville, North Carolina. Lenovo said the various moves will save $300 million in the March 2010 fiscal year. Lenovo expects to take a charge of about $150 million for the moves, most of that in the March 2009 quarter. Earlier : Intel: Q4 Revs Fell 20%; Well Below Previous Guidance (link)