VICOR Implements Cost Reduction Plan
VICOR Corp. (Andover, MA) announced a cost-reduction plan to adjust to the current economic downturn. In a memo to all employees, Patrizio Vinciarelli, president and CEO, announced the plan, which includes a reduced work schedule for non-exempt employees, mandatory use of accrued personal time by exempt employees, and a 10-percent pay reduction for senior staff.
"While our business model continues to support better performance than traditional power supply companies, the recession and
economic uncertainties have had an impact on us. To maintain our leadership position, we have explored ways to align our resources with demand, while at the same time preserving our investment in people and projects," stated Vinciarelli. "I believe that by working together as a team and remaining committed to, and focused on, the tasks at hand, we will be well positioned to take advantage of the opportunities that we are creating. We are getting through these difficult and uncertain times and will emerge a stronger company."