Smart Modular, the maker of chips used for data storage systems, said today it will lay off yet more employees in order to lower its “cost structure to combat the continued challenging macroeconomic conditions,” according to a regulatory filing.
The job cuts are the third the company has announced over the last Read the rest of this entry »
It is said that there’s no such thing as a free lunch, but free rent? That appears to be what Smart Modular Technologies will get when it moves its executive offices from Fremont to space it recently leased in Newark at 39870 Eureka Drive. The seven-year deal is set to begin May 1, according to a filing with the SEC today.
The maker of chips used for data storage, which has gone through two rounds of layoffs in the last six months, seems to be getting a sweet deal, even without Read the rest of this entry »
Smart Modular, the Fremont maker of storage chips that has gone through two rounds of layoffs over the last year, today announced the “departure” of Mohana Krishna, a senior vice president in charge of worldwide operations.
The terse announcement included this intriguing detail that suggests the departure wasn’t necessarily Krishna’s idea:
“The terms of Mr. Krishnan’s employment offer letter provide for a one-month notice period prior to departure. Accordingly, his last day of employment will be April 2, 2009. During this interim notice period, he will have limited duties and responsibilities.”
Smart Modular, the Fremont maker of storage chips, said it is planning to cut an other 5 percent to 7 percent of its employees, on top of the 19 percent it reported laying off in September.
The company reported having 1,466 employees at the end of its 2008 fiscal year on Aug. 29.
The job cuts follow by a day the news of layoffs at another Silicon Valley company, Rackable Systems, which said Tuesday it would be laying off 15 percent of its workforce, last reported to be 374 at the end of 2007.
Two more Silicon Valley companies joined the ranks of those offering to exchange some of their employees underwater options with options repriced at more current market rates. On Friday, Smart Modular, the Fremont maker of electronic subsystems, filed its preliminary proxy, which included a proposal to reprice options for its employees — those that are left after the company finishes laying off the 19 percent of its workforce that it said it would back in September.
Under Smart Modular’s proposal, certain employees would be permitted to exchange options with an exercise price higher than Read the rest of this entry »
Smart Modular Technologies, the Fremont maker of electronic subsystems, says that one of its officers, who it did not name, got a call from an analyst Wednesday who asked about a report that the company had lost some of its business with Cisco Systems. The officer that he was not aware of any such loss of business, according to a filing the company made with the SEC today.
In the filing today, the company felt it necessary under Regulation FD (related to full disclosure of public information) to state for the record that Read the rest of this entry »
Smart Modular Technologies “reduced headcount” at its Fremont headquarters last week and “communicated internally” about a restructuring plan to “better address its strategic business focus” and, oh yeah, “reduce costs,” according to a filing Tuesday with the SEC.
These steps followed “separate actions initiated” during the company’s fiscal 2008 fourth quarter, which ended in August, to reduce headcount by about Read the rest of this entry »
Well, that didn’t take very long.
Within a month of departing VeriFone after completing that company’s restatement of results from fiscal 2007 that lopped off $70 million worth of profits because of “material weaknesses” in the company’s financial reporting process, ex-CFO Barry Zwarenstein re-surfaced Wednesday as the new chief financial officer at Smart Modular Technologies.
We previously wrote about Zwarenstein’s separation agreement which, among other things, guaranteed that the only information VeriFone would give to any prospective employers doing background checks in the future would be Read the rest of this entry »
Shares of Smart Modular Technologies — the Fremont maker of storage chips used by company’s like Hewlett-Packard, Cisco and IBM — fell sharply Tuesday after the company lowered its guidance for its fiscal 2008 third quarter ending May 30 in a filing with the SEC. The company said it now expects sales in a range of $150 million to $155 million, down from its prior estimate of $160 million to $170 million, according to Thomson Reuters. Read the rest of this entry »
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