logo
Share SHARE
FONT-SIZE Plus   Neg

JBI Announces Cost Reduction Measures; CEO To Forego Annual Performance Bonuses

JBI Inc. (JBII.PK) announced Tuesday that it has taken the necessary steps to significantly reduce costs as part of its ongoing plans to improve its operating results.

The company said it has completed a reduction in force of approximately 25%, involving 15 employees whose positions will be eliminated or their duties reassigned as part of an overall plan to reduce the Company's cost structure.

The company estimates it will incur approximately $40,000 in total restructuring expenses primarily consisting of severance and other employee-related costs. Total annual cost savings, including these and other reductions are expected to be approximately $1.3 million.

In addition, Tony Bogolin, Chief Executive Officer, Matthew Ingham, Chief Financial Officer and John Bordynuik, Chief of Technology, have all agreed to forego their annual performance bonuses under their respective employment agreements. This is a cost savings of approximately $32,000.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
Follow RTT