CNN Money is carrying news of additional job cuts in five Schering R&D locations around New Jersey and Pennsylvania -- as its previously announced "Productivity Transformation Program" -- a process of down-sizing -- continues:
. . . .the layoffs included management, administrative and scientific positions, and were spread primarily across five locations in New Jersey and Pennsylvania.
Schering-Plough has been making periodic job cuts since announcing the productivity initiative, but hasn't announced every action, Galpin said.
Schering's broader cost-reduction effort was announced last year in response to increased pressure on the industry as well as a downturn in sales of cholesterol drugs Vytorin and Zetia, which Schering-Plough co-markets with Merck & Co. (MRK).
Also, Schering has run into some regulatory setbacks trying to bring new drugs to market in the U.S. . . .
How is it that this "Productivity Transformation" only began -- in the fifth year of CEO Hassan's service? Wasn't he a turnaround specialist? Gee, I wonder.
2 comments:
Productivity Transformation~
Wow, it is amazing what kind of buzz words these guys spin. Throw in the 'transparency, earn trust everyday' and you would think management actually believed in this stuff.
I wonder, if the Executive Management Team will be ever be held to the Productivity Transformation. After all, all the 'downside' of the business is ultimately been on their shoulders.
And not a mid-level (or high level) manager among those 50. Just the regular folks in the labs with families to feed and mortgages to pay.
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