Oak Industries Announces Staff Cuts: Oak Industries’...

Oak Industries Announces Staff Cuts: Oak Industries’ new management has cut administrative staff to 23 from 42 in a restructuring of its headquarters office. The cuts will save the company $1 million in annual overhead. On June 6, shareholders of Oak, a San Diego-based electronics components company, voted board control to a dissident shareholders group led by Roderick Hills after a bitter proxy fight. Oak also announced that the company will be managed by an executive committee led by Chairman Daniel Derbes until a permanent chief executive can be recruited. E. L. McNeely, who lost the proxy fight, is resigning effective Friday.