Moore Means Less - $100M
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TORONTO—On the heels of a major shakeup in the heirarchy and ownership at Canadian business forms giant Moore Corp., new CEO Robert Burton announced a $100 million cost savings initiative over the next 12 months to 18 months that will see the company cut about 10 percent of its workforce.
Burton, the former chairman and CEO of World Color Press who was named president and CEO on December 21 following the resignation of Ed Tyler, feels Moore is too "top heavy" and has set out to eliminate a "significant amount of redundancy within the organization." The cuts were slated to begin last month and continue for a 30- to 60-day period.
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