IGT plans to reduce its global workforce by 10% through 700 layoffs

(AsiaGameHub) –   Hector Fernandez, IGT’s Chief Executive Officer, said that about 700 employees will be let go, which is equivalent to roughly 10% of the firm’s overall global workforce.

In his March 23 letter announcing the job cuts, Fernandez noted that the layoffs are not a result of subpar performance; rather, they “are necessary to align resources with business priorities and simplify operational procedures to better position us for future growth.”

IGT CEO Hector Fernandez stated in the letter:

When we gathered in December for our first company-wide town hall after I took on the role of incoming CEO, I mentioned we would act swiftly to assess our business and make choices to bolster it. Over the last few months, we’ve honored that promise. We looked into our areas of focus, our operational methods, and how our structure backs our strategy. As part of this assessment, we also had to make tough calls about how our organisation is structured, and this process has led to a hard but essential step.

IGT has pledged to support employees facing job loss through several measures: offering severance pay, outplacement services, and help with transitioning to new roles. Those affected by the layoffs will get assistance from the company.

It remains unclear which regions will have employees impacted, which of IGT’s business segments will be affected, and how much cost savings the company will realize from the job cuts.