| Charles rampart, chairman and ceo
| andrew jordan, svp and GM connectors, division
| RE: downsizing program
I appreciate the personal time and effort you have spent in thinking about the deep across-the-board-reduction. You have my support in the efforts of controlling costs to gain back investor confidence and bring the company back to becoming a sound investment. However, I do not wish to give my support blindly and so I have a few other ideas that you might have overlooked that I hope you would consider. Also, downsizing may be required to an extent but a more systematic approach other than across-the-board cuts could be more effective should it be necessary. I would be happy to discuss more in detail should you find value in these recommendations. Align objectives/actions to the long-term strategy. Do not be pressured to make quick fix decisions to reflect immediate results that are not sustainable. It is very important to show our investors that we can deliver now, and being new in the position you hold I believe the temptation to do so is very strong, but it should not deviate from our long-term goals. We must not forget that our investors are here for the long-run. Also, accounts are created with clients because of an impression that we are a sustainable option and reliable. If we are to do downsizing it must be done in an intellectual way and we must show that it is part of a solution to a greater outcome we are trying to achieve. Without bias I could say my department is as lean as it could be. Cuts from my department will most certainly impair our processes and savings from this will only be cancelled out by loss of business. This would be in line to my third recommendation. Make downsizing the last resort. Granting you have had experience in downsizing before it may be the case that it went well at that time but the redundancy exercise that happened last August, that had little impact at best,...
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