Mercury Systems cuts about 100 jobs and completes second restructuring phase
On June 17, 2024, Mercury Systems approved and implemented a workforce reduction eliminating about 100 positions as the next phase of its reorganization, with expected employee separation charges of about $5 million in the fiscal quarter ending June 28, 2024. The company expects annualized savings of about $15 million, a portion of which will be reinvested, with the remainder supporting improved profitability and operating leverage in fiscal 2025.
- June 17, 2024: workforce reduction eliminating about 100 positions approved and implemented
- Expected restructuring charges of about $5 million for employee separation, recorded in the quarter ending June 28, 2024
- Expected annualized savings of about $15 million, including headcount and non-headcount savings
- Tod Brindlinger appointed Senior Vice President of Operations effective June 10, 2024, reporting to COO Roger Wells