Agenda

  • Communications for April/May
  • Termination Impact Matrix
  • Business Rationale for Termination Actions
  • WARN Act (Worker Adjustment & Retraining Notification Act) – Fresno only
  • Previous Severance Packages
  • Current Severance Packages
  • Termination/Survivor Meetings by Site
  • Email Invitations to Meetings
  • Support Materials for Conducting Termination/Survivor Meetings
  • Separation Package Contents
  • Site Meetings to Follow Earnings Call
  • Script for Conducting “Keepers” Meeting

Business Rationale for Termination Actions

  • During a recent two-day meeting, our Executive Team reviewed our customers, competitors, product portfolio, market opportunities, sales forecasts, and costs.
  • In general, our business is in good shape and growing, despite some very difficult market conditions. We continue to be a market leader. We are convinced that the merger has helped us maintain this leadership position in our highly competitive market.  However, to remain in alignment with our forecasts for the year, it is imperative that we cut operating costs by April 30th.
  • To determine where to make these cuts, we reprioritized our list of projects/programs and then assessed the resources assigned to each. We also assessed the support resources required to run the business. As a result of this analysis, we were able to identify reductions that could be taken without significantly impacting our highest priority projects/programs.
  • The reductions will be limited to three sites: Fresno, Oakland, and Norfolk.
  • While we regret the negative impact this decision will have on some individuals and teams, we are convinced it is the right decision for the business. 
  • The reductions being taken on Friday, April 26th are the only ones planned at this time, but we will continuously re-evaluate our business and may make additional adjustments in the future, if required ...  


Slide titles:



Post-Merger termination and Survivor Meetings

Agenda

Communications April/May

Business Rationale for Termination Actions

Termination Impact Marix

WARN Act

Previous Severance Packages

Current Severance Packages

Termination/Survivor Meetings By Site

Email Invitations to Meetings

Support Materials for Termination/Survivor Meetings

Separation Package Contents

Site Meetings

Script for Conducting "Keepers" Meeting

Script for Conducting "Keepers" Meeting (cont.)

Script for Conducting "Keepers" Meeting (cont.)