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The company said CEO John Forsyth voluntarily requested this reduction, which comes together with the workforce reduction.
Cirrus said it was forced to take actions to respond to “overall market conditions and the impact related to a new product previously scheduled for introduction this fall no longer being expected to come to market as planned.” As a result, the company is cutting 5% of its total workforce.
“The Company continues to take steps to improve operational efficiency through product prioritization, targeted investments in R&D, and continued leverage in SG&A. The Company expects to recognize charges related to this workforce reduction in the second quarter of fiscal year 2024,” Cirrus said in a filing.
Shares are up 3% in premarket Thursday.
