Wednesday, Opnext, Inc. (OPXT), an optical modules and components maker, said it would cut about 10% of its global workforce, lower salaries and eliminate cash bonuses in an effort to reduce cost structure and operating expenses. The company also announced the relocation of its headquarters from Eatontown, New Jersey to Fremont, California, effective today.
Opnext said it would reduce 10% in executive salaries and director cash compensation, 5% in salaries for other employees, eliminate cash bonuses and salary increases in the current fiscal year, and suspend matching contribution to the 401(k) plan.
Opnext stated that these measures, when fully implemented by year-end, together with R&D and SG&A synergies and expense reductions would result in annualized savings of about $25 million. The company noted that most of the actions would be implemented in the current quarter, and compensation-related reductions, which are temporary, will be re-evaluated during the second half of the current fiscal year.
Gilles Bouchard, President and CEO, Opnext, Inc said, "In this difficult economic environment and in order to position Opnext for future success, these actions are critical to right-size the Company's fixed cost structure."
OPXT closed Tuesday's trading at $1.71 on the Nasdaq.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.