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
Apple confirmed that it has bought face animation software firm Faceshift, although it was tight lipped about how it intends to use the new addition. The move is speculated as a bid to expand into virtual reality. Environment ministry of South Korea Thursday ordered Volkswagen Korea to recall 125,522 diesel vehicles on determining actual emissions of nitrogen oxides. The ministry has asked the German automobile maker to pay a fine of 14.1 billion Won or $12.31 million. The company has to submit a recall plan by January 6, 2016. The U.S. Food and Drug Administration has alerted health care professionals and patients of a voluntary recall of compounded multivitamin capsules containing high amounts of Vitamin D3 (Cholecalciferol), distributed nationwide by Glades Drugs in Pahokee, Florida. FDA has received reports of several...
comments powered by Disqus
Follow RTT