Cognex (CGNX -9.9%) has announced job cuts of ~190 employees around 8% of its headcount.
CEO, Rob Willett, and chairman, Dr Robert Shillman, will waive their salaries, and the company’s board of directors have waived their cash fees for the remainder of the year.
Cognex expects to record a total restructuring charge of ~$20M, primarily in Q2 2020; these actions, together with steps previously taken, are expected to result in annualized cost savings of ~$25M.
As part of the restructuring, Cognex expects to record a non-cash charge of between $15M - $30M in Q2 for the impairment of intangible assets and write-down of excess
