Berlin: Springer to cut 2,8% of its workforce
Axel Springer AG, Europe's biggest newspaper publisher, announced its decision to axe 266 jobs, in order to enhance the efficiency of the company. In yesterday’s e-mailed statement, Chief Executive Officer Mathias Doepfner implied that the cuts are functional for Springer to stay “Germany’s most profitable publisher”.
Sprienger’s hiring of Doepfner was a reaction to the publisher’s very first annual loss suffered in 2001. One year later the company was profitable again, thanks to the new CEO strategy that involved measures such as assets selling and editorial staff reorganization resolving in 1400 job reductions.
Today’s resolution is reported to have been advised by German consulting firm Roland Berger, which recently completed the examination of Springer. Word is that about 100 of the decided job cuts will be shortly realized through an early retirement program and volunteer departures, whereas the process will be fully achieved within the next three years.
Source: Bloomberg
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