Wang Speeds Restructuring, Cuts Pay
Wang Laboratories Inc. said Wednesday that it would accelerate a planned restructuring, laying off employees faster and cutting the pay of its top executives as it struggles to return to profitability.
The Lowell, Mass.,-based computer maker announced earlier this month that it would trim its work force from 30,200 to 28,500 or fewer by June, 1990. The company said Wednesday that it would reach that goal by this September.
The company also announced 20% pay cuts for An Wang, its chairman and chief executive, and his son Frederick A. Wang, president and chief operating officer.
Vice Chairman Harry H. S. Chou is also to take a 10% pay cut, and all executive vice presidents and senior vice presidents will take 5% cuts.
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