secwatch.observer — SEC 8-K summary
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Issuer:     CIRRUS LOGIC, INC. (CRUS)
CIK:        0000772406
Form:       8-K
Filed at:   2023-07-12T23:59:59+00:00
Accession:  0000772406-23-000038
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 5.02, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/772406/000077240623000038/0000772406-23-000038-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/772406/000077240623000038/crus-20230711.htm
  HTML page:      https://secwatch.observer/filing/0000772406-23-000038

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer