Wireless location-based services company AirIQ Inc. announced it will get rid of 36% of its workforce. The company said it will pay $850,000 in severance, but overall will save $1 million annually.
“We appreciate the many contributions these employees have made to AirIQ,” said Steve Willey, CEO of AirIQ, “and while these actions are difficult, they are necessary considering current economic conditions and the company’s commitment to continue to reduce operating expenses.”
The cutback is part of AirIQ’s overall re-alignment, which began over a year ago.
As part of the changes, AirIQ appointed Donald Gibbs to general manager of the company’s land business unit.
AirIQ cuts 36% of workforce, blames ‘current economic conditions’
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