Power-management chipmaker ON Semiconductor Corp said it will cut about 250 jobs and cancel its annual cash incentive program for senior executives to reduce costs in a weak macroeconomic environment.
The company expects to complete most of the job cuts in the current quarter and estimated a related charge of $11 million to $14 million, it said in a filing on Wednesday.
ON Semiconductor had a global workforce of 19,442 last year, of which 2,411 employees were in the U.S., according to the company’s annual report…
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