Lenovo plans major revamp

08 January 2009

Lenovo Group said Thursday it expects to report a loss for its fiscal third quarter that ended last month, while announcing a major restructuring plan. The world's fourth-largest computer maker by shipments said in a statement that it will save $300m by March 2010 by reducing the number of its employees world-wide by 2,500 during the first quarter of 2009, including a number of senior executives. Executive compensation will be reduced by between 30% and 50%, including bonuses and other incentive payments, in the coming year.

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