McAfee layoffs, on the record
Every job cut, severance charge and restructuring McAfee reported in its annual reports, 2020 to 2021, quoted from the filings. Headcount went from 6,916 to 2,262.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | 6,916 | As of December 26, 2020 |
| 10-K for 2021 | 2,262 | December 25, 2021 |
Job cuts, severance and restructuring
Our summaryMcAfee initiated a workforce reduction and other restructuring activities tied to reorienting its Enterprise business and realigning staffing in other departments, announced in February 2021.
Word for word“In December 2020, we initiated a workforce reduction and other restructuring activities designed to continue to improve operating margins in connection with the reorientation of our Enterprise business and realignment of staffing in other departments, which was announced in February 2021 following the notification of affected employees.” 10-K for 2020
Our summaryMcAfee recognized $16 million of restructuring charges, mainly termination benefits such as severance and healthcare for impacted employees, under the December 2020 workforce reduction.
Word for word“As part of the initiative, in December 2020 we recognized $16 million in connection with the workforce reduction and other restructuring activities, consisting primarily of one-time termination benefits to the impacted employees, including severance payments and healthcare and other accrued benefits recorded in Restructuring and transition charges in the consolidated statement of operations.” 10-K for 2020
Our summaryMcAfee expects additional severance and restructuring expense under the December 2020 workforce reduction during the first half of fiscal 2021.
Word for word“We expect to recognize additional severance and other restructuring expense ranging between $30 million and $35 million in the first half of fiscal year 2021 in connection with this action.” 10-K for 2020
Our summaryMcAfee commenced a 2020 transformation initiative realigning staffing across departments, with employee severance and benefits costs incurred to date.
Word for word“In January 2020, we commenced the 2020 transformation initiative, in which we are realigning our staffing across various departments.” 10-K for 2020
Our summaryMcAfee announced the second phase of the McAfee Acceleration Program to further alignment toward its core business, with severance and facility restructuring costs incurred.
Word for word“In January 2018, we announced the second phase of the McAfee Acceleration Program to further our alignment toward core business.” 10-K for 2020
Our summaryThe company reported restructuring charges for severance and other termination benefits tied to a workforce reduction that began in December 2020.
Word for word“There was an additional $8 million increase driven by restructuring and one-time termination benefits to impacted employees, including severance payments and healthcare and other accrued benefits related to the workforce reduction that was initiated in December 2020.” 10-K for 2021
Our summaryThe company described its transformation costs as including workforce restructuring that eliminated positions and moved work to lower cost locations.
Word for word“(5) Represents costs incurred in connection with transformation of the business including the cost of workforce restructuring involving both eliminations of positions and relocations to lower cost locations in connection with our transformational initiatives, strategic initiatives to improve customer retention, activation to pay and cost synergies, inclusive of duplicative run rate costs related to facilities and data center rationalization, and other one-time costs.” 10-K for 2021
Our summaryThe company defined restructuring charges as mainly employee severance and facility restructuring costs from realigning its workforce.
Word for word“Restructuring charges consist primarily of costs associated with employee severance and facility restructuring charges related to realignment of our workforce.” 10-K for 2021
| Fiscal year ended | Restructuring charges |
|---|---|
| 2018-12-29 | $19 million |
| 2019-12-28 | $6 million |
| 2020-12-26 | $2 million |
| 2021-12-25 | $70 million |
McAfee filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from McAfee’s annual reports (10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2022-02-23. 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.