Apple supplier Cirrus Logic to cut jobs and lower CEO salary

Cirrus Logic announced that the CEO's request to reduce their salary by 10% to $655,200 has been approved by the company's Board of Directors.

As part of the workforce reduction efforts, Cirrus Logic has disclosed that CEO John Forsyth voluntarily requested a salary reduction, which will be implemented alongside the other cost-saving measures, reported Investing.com

The company is compelled to take necessary measures in response to prevailing market conditions and the unexpected change in the product launch schedule. 

Consequently, the company has decided to reduce its total workforce by 5%.

“The Company continues to take steps to improve operational efficiency through product prioritization, targeted investments in R&D, and continued leverage in SG&A. The Company expects to recognize charges related to this workforce reduction in the second quarter of fiscal year 2024,” Cirrus said in a filing.

In addition to Cirrus Logic, multiple companies have made significant changes in their operations. Startups such as sports streaming platform Buzzer, direct-to-consumer sleepwear brand Lunya, and adtech startup MediaMath have made the difficult decision to cease operations entirely. 

Furthermore, health-related startups like telehealth platform TytoCare, nursing job platform connectRN, and precision nutrition company DayTwo have also been compelled to implement job cuts.