Wednesday, January 7, 2009

Borland Cuts Employees, Loses CEO

Austin-based Borland Software said Tuesday that the firm is cutting its workforce by 15 percent, or approximately 130 employees, plus that the firm's CEO, Tod Nielsen, has stepped down. The maker of software tools said the move was to put Borland "in the best position possible" given the global economic uncertainty. Borland said it has appointed Erik Prusch as Acting President and CEO, replaceing Tod Neilsen, who the firm says remains on the board. Borland said the cuts would save it $12 to $14M in annual costs, with costs of $2.5M to $3.5M associated with the reduction in force.