Aug 22 Technology licensing company Rambus Inc
said it has reorganized its businesses into three units
and will reduce its workforce by 15 percent as part of its
efforts to cut costs.
The company, which has posted a loss for the last three
consecutive quarters, appointed a new Chief Executive in June.
Rambus expects to save between $30 million and $35 million
in cash annually, most of it from cuts in its general and
The Sunnyvale, California-based company said the reductions
in expense and related workforce will begin in the coming weeks
and are expected to be completed during the fourth quarter.
It will take a related charge of $6 million over the next
As of December 2011, the company had 456 employees.
Rambus said it now operates three business units -- Memory
and Interfaces, Cryptography Research Inc and Lighting and
Display Technologies. It also named Martin Scott as the new role
of chief technology officer.
Shares of the company, which has a market value of about
$531.3 million, closed at $4.76 on the Nasdaq on Wednesday.