All articles tagged with #restructure
NASA's Jet Propulsion Laboratory (JPL) will lay off about 550 employees, or 11% of its workforce, as part of a restructuring effort aimed at creating a leaner organization to better compete in the evolving space industry, with the changes beginning immediately and not related to the government shutdown.
Microsoft is reportedly planning significant job cuts across Xbox and its distribution in central Europe as part of a company-wide reorganization, with the layoffs expected to begin next week amid ongoing pressure to improve profit margins following the acquisition of Activision Blizzard.
Joey Bosa has restructured his contract with the Los Angeles Chargers to create cap space, following a similar move by Khalil Mack. The decision raises questions about the team's strategy, as it retains older veteran players instead of pursuing cap savings through trades. The move could potentially strengthen the team's pass rush, but also carries risks regarding the players' availability and health. Overall, the restructuring suggests the Chargers are aiming to compete immediately under new head coach Jim Harbaugh.
The Cleveland Browns have freed up $10.44 million in salary cap space for this year by restructuring Jedrick Wills' fifth-year option, pushing the cap hit into future seasons. This move does not affect Wills' contract length, as he is still set to become a free agent in 2025 if he doesn't re-sign with the Browns or get franchised next year. Wills, the 10th overall pick in the 2020 NFL draft, missed the second half of last season due to a torn MCL but is expected to be fully recovered for the 2024 season.
Patrick Stewart, Manchester United's legal counsel and board member, will take on the role of interim chief executive when Richard Arnold departs the club as part of an anticipated wider restructure. Arnold's departure is expected if Sir Jim Ratcliffe's bid to buy a 25% stake in the club is successful. The club is yet to confirm Ratcliffe's proposed investment. Jean-Claude Blanc, former Juventus chief executive, is under consideration as a permanent replacement for Arnold.
Denver Broncos defensive end Frank Clark, who has already been ruled out for tonight's game, will either be traded or released soon. Clark has agreed to restructure his contract, giving up guaranteed salary, indicating his desire to leave the team. The Broncos signed Clark to a one-year contract in June after he was cut by the Chiefs, but he has played only 36 snaps in two games this season. Despite being a three-time Pro Bowler with the Chiefs, Clark was not a good fit in Denver and will no longer be with the team.
Netflix's animation unit is undergoing a restructure, resulting in job cuts and the shutdown of two films in pre-production. The company is looking to recruit outside producers to maintain its animated content volume. The specific number of job cuts is unclear, but they are expected to be announced in the coming weeks. Netflix Animation had a successful year in 2023, winning an Academy Award for "Guillermo del Toro's Pinocchio." Upcoming releases include "Leo" and "Chicken Run: Dawn of the Nugget."
Niantic, the developer of Pokémon Go, is undergoing a major restructuring that includes closing its Los Angeles office, laying off over 200 employees, and canceling its upcoming Marvel game. The company cites the pandemic-induced surge in expenses and a lack of revenue from new projects as reasons for the restructuring. Niantic will focus on supporting its current titles, such as Pokémon Go, while increasing its commitment to mixed and augmented reality development. The company plans to streamline its workflow, reduce redundancies, and prioritize the development of tools and experiences for emerging MR devices and AR platforms.
Embracer plans to turn Lord of the Rings into "one of the biggest gaming franchises in the world" amid a costly restructure that includes cancelling in-development projects, shutting studios, and laying off staff. The company will decrease spending across the board, reduce third-party publishing, and focus on internal IP and external funding of large-budget games. Embracer executives made it clear that the company plans to focus on projects that will bring in significant cash, with a priority on The Lord of the Rings video games. Embracer bought the rights to The Lord of the Rings and The Hobbit in August 2022 and announced plans to explore opportunities to create new games, movies, and more based on the famous intellectual property.