600 person reduction yields $90M annual savings - that's $150k per reduction.
Severence pay $83k per person
Clearly some experienced folks leaving.
Here's the filing dated today ( their words!). :
Item 2.05 Costs Associated with Exit or Disposal Activities
On July 25, 2017, the Company committed to an additional restructuring plan (the “Plan”) to reduce its cost structure. Pursuant to the Plan, the Company intends to reduce its global headcount by approximately 600 employees. This action, which the Company expects to be substantially completed by the end of the first quarter of fiscal year 2018, is expected to result in total pre-tax charges of approximately $50 million, primarily in the first quarter of fiscal year 2018. The majority of the charges will be comprised of cash expenditures on severance and employee-related costs. The savings generated from the Plan are expected to be recognized beginning in the first quarter of fiscal year 2018 and will represent approximately $90 million in savings on an annual run rate basis.