OCZ Reduces Global Workforce by 28%, Offers Update on Business Outlook
November 1, 2012 8:33 AM
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OCZ restructuring efforts continue
A lot has been going on with OCZ Technology. OCZ has come a long way from its origins as a maker of high-performance memory products for computer gamers and enthusiasts. Over the years the company has dabbled in computer peripherals, notebook computers, and plenty of other markets.
The company seemed to find its stride when it ditched most of its other market segments to focus mainly on solid-state storage. However, back in September, OCZ CEO Ryan Petersen abruptly
left the company
and was replaced by interim CEO Alex Mei. Mei was later replaced by current CEO Ralph Schmidt. Schmidt has now offered an update on the status of operations at OCZ.
Schmidt explained, "We are undergoing a transition phase in the Company's evolution in which we are refocusing our efforts on products and strategies that will benefit both OCZ and our stakeholders over the long term. We have already taken aggressive steps to address some short-term tactical challenges and have begun streamlining the organization to help ensure that OCZ will be in the best position moving forward to address the fast growing consumer and enterprise SSD markets."
OCZ reports that it has taken steps to make its business more efficient and profitable by beginning end-of-life procedures that will see the discontinuation of approximately 150 product variations the company offers right now. A significant impact will be felt in the value category of the company's offerings with approximately 80% of those products being discontinued.
OCZ is adjusting inventory and working to monetize inventory to free up cash for business operations. The company is also reduced its global workforce by approximately 28%, not counting production personnel. Personnel at its Taiwanese production facility, including outside contractors has been reduced by approximately 32%.
OCZ states it will continue to take additional actions to reduce overall costs and improve operating results.
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11/1/2012 9:11:29 AM
This guy has a gift for understatement. Nice to know that laying off a third of your workforce and discontinuing 150 products is nothing more than "addressing short term challenges".
11/1/2012 1:28:58 PM
Over the years the company has dabbled in computer peripherals...
Should be more like "Over the years the company has screwed customers every which way that they could get away with".
Doesn't anyone remember when OCZ swapped all the componenets of the Vertex 2 and did not tell anyone (not even their packaging department so that they can reduce the quoted capacity and speed).
"Google fired a shot heard 'round the world, and now a second American company has answered the call to defend the rights of the Chinese people." -- Rep. Christopher H. Smith (R-N.J.)
Ryan Petersen Resigns as OCZ CEO, Alex Mei to Take Position as Interim CEO
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