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Thu 11 Jan 2007 11:14 AM

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125 staff set to go as McAfee restructures

Security firm McAfee said it is making a series of job layoffs to help it cut costs and to strengthen its focus.

McAfee said the cuts, 125 in total, would primarily affect employees in sales and marketing functions and that it expects to achieve net operating expense cost savings of approximately US$10million to US$12million per year as a result of the reductions.

The California, US-based firm, which has more than 3,400 employees in total around the world, did not specify if any of the jobs to be cut were based in the Middle East.

McAfee said it expected the majority of its restructuring to be complete by the first quarter of 2007 and that the restructuring would also require the closure of certain offices.

The vendor has also begun amending its stock options following an accountancy scandal last year that led to the departure of its former president Kevin Weiss. The company said it had recalculated stock options awarded to executives.

Weiss was dismissed in October last year following an internal investigation into McAfee’s accounting practices, triggered by concerns over the backdating of stock option grants. CEO and chairman George Samenuk resigned, saying that it was in the best interests of the company for him to do so, after the scandal.

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