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
Federal Aviation Administration said several pilots complained about pointing of strong green laser beams at planes flying over Long Island. The location was around Farmingdale, during 9.30 pm and 10 pm. Searches are on to locate the exact source of the laser beam. The Federal official suspects that the beam came from a hand-held device. Discount retailer Big Lots, Inc. Friday reported an increase in income from continuing operations for the first quarter, from last year. The company also registered a surge in net income particularly as it had carried a loss from discontinued operations last year. Taco Bell, a division of Yum! Brands Inc, is planning to test delivery of food items on college campuses, the Street reported. The move comes at a time the fast food chain seeks to leverage demand for its popular breakfast and dinner items.
comments powered by Disqus
Follow RTT