Entrust to Cut Jobs
The security vendor is laying off some of its workers, closing several remote offices and doing a partial reorganization in a broad effort to slash costs as it transforms its product line.Security vendor Entrust Inc. is laying off some of its workers, closing several remote offices and doing a partial reorganization in a broad effort to slash costs as it transforms its product line. The company did not say how many people will be let go; only that it is hoping to cut $5 million in costs each quarter for the remainder of this year. As a result of the restructuring, Entrust will be taking a charge of about $22 million in 2003, $18 million of which will be in the second quarter. Company officials said the moves were the result of still-weak demand for big-ticket technologies. "The enterprise market is still not out of the tough economic climate for IT projects, including security," said Bill Conner, president and CEO of Dallas-based Entrust in a conference call Tuesday morning announcing the layoffs and restructuring.
Conner said that all of the companys job functions and organizational areas will be affected by the job cuts, but that the sales force took the smallest hit.