MERCURY SYSTEMS INC (MRCY): restructuring charge — Mercury Systems cuts ~100 jobs in restructuring phase, appoints SVP of Operations

MERCURY SYSTEMS INC

Workforce reduction of about 100 positions; expects $5M restructuring charges in fiscal Q4 ending June 28, 2024.
Annualized savings of ~$15M from headcount and non-headcount cuts; part to be reinvested, rest to boost profitability.
Tod Brindlinger appointed SVP of Operations, effective June 10, reporting to COO Roger Wells.
Second phase of reorganization consolidating two divisions into one, creating business units Signal Technologies, Processing Technologies, Integrated Processing Solutions.
Chairman and CEO Bill Ballhaus cites progress in integration to unlock growth potential.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MERCURY SYSTEMS INC announced a restructuring with charges of approximately $5 million affecting the next phase of this effort, and implemented a workforce reduction (approximately 100 positions).

Type: restructuring
Charge: approximately $5 million
Affected area: the next phase of this effort, and implemented a workforce reduction
Headcount: approximately 100 positions

Exact text from the filing

On June 17, 2024, we approved the next phase of this effort, and implemented a workforce reduction that will eliminate approximately 100 positions, resulting in expected restructuring charges of approximately $5 million for employee separation costs

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MERCURY SYSTEMS INC filing history →

Source: SEC EDGAR

accession 0001049521-24-000023

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