Cirrus Logic cuts 5% of global workforce; CEO takes 10% pay cut

CIRRUS LOGIC, INC.

CEO John Forsyth voluntarily reduced base salary 10% from $728K to $655.2K, effective July 11, 2023.
Company implements workforce reduction of approx. 5% of global employees due to market conditions and product cancellation.
Cancelled product was previously scheduled for fall introduction and disclosed in FY2023 10-K.
Expects to recognize charges related to workforce reduction in Q2 fiscal 2024.

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