Corel Corp. (CREL) said it is reducing its global workforce by approximately 20% worldwide. The company said it is taking the actions to appropriately align its cost structure with its fiscal year 2010 operating plan while providing additional flexibility to fund investments in new product development.
Commenting on the workforce reduction, Kris Hagerman, Corel chief executive officer said, "In building our operating plan for 2010, we are aligning our cost structure so that we have the financial flexibility to continue to innovate and deliver new products to the market, drive broad awareness of our products and global brand, and ensure we are making the best use of our global teams and resources."
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