Finisar layoffs, on the record
Every job cut, severance charge and restructuring Finisar reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 14,000 to approximately 13,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 14,000 | April 30, 2017 |
| 10-K for 2018 | approximately 13,000 | April 29, 2018 |
| 10-K for 2019 | approximately 13,000 | April 28, 2019 |
Job cuts, severance and restructuring
Our summaryThe filing says it has recorded restructuring charges from past divestitures, discontinued product lines and closed acquired facilities, but gives no amounts or headcount for a specific program.
Word for word“In the past, we have subsequently sold some of the assets acquired in prior acquisitions, discontinued product lines and closed acquired facilities.” 10-K for 2018
Our summaryThe company carried out restructuring activities in the first quarter of fiscal 2019, which lowered employee compensation costs in research and development and included employee severance costs.
Word for word“Research and development expenses for the year ended April 28, 2019 decreased compared to the year ended April 29, 2018 primarily due to a decrease in employee compensation related expenses as a result of restructuring activities undertaken during the first quarter of fiscal 2019, partially offset by employee severance compensation and other expenses related to restructuring activities undertaken during the first quarter of fiscal 2019.” 10-K for 2019
Our summaryThe company paid its former chief executive a lump sum cash severance and fully accelerated the vesting of his unvested restricted stock units under a separation agreement.
Word for word“Rawls and the Company, Mr. Rawls received a lump sum cash severance payment of $300,000 , and the vesting of each of Mr. Rawls’ outstanding and unvested awards of restricted stock units granted by the Company was accelerated 100% .” 10-K for 2019
Finisar has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Finisar’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2019-06-14. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.