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iGo Reduces Workforce By 20%

2/20/2009 09:15:00 AM Eastern

Scottsdale, Ariz. — iGo, a manufacturer of universal chargers for computers and portable devices, announced today it has reduced its total headcount by about 20 percent.


Twelve people were affected, according to a spokesman for the company.

The company’s chief financial officer, Joan Brubacher, is leaving the company as part of the reduction. Darryl S. Baker, formerly VP, controller and chief accounting officer, has been appointed VP, chief financial officer and treasurer.

iGo said in a statement the workforce reduction is expected to reduce operating expenses by approximately $350,000 per quarter. It expects to record a restructuring charge of approximately $400,000 in the first quarter of 2009 related to severance payments.

“The workforce reduction is a painful but necessary action in light of the recession and the resulting impact on our sales,” said Michael D. Heil, iGo CEO, in the statement. “We would like to thank Joan Brubacher and all of the other employees for their many years of hard work and dedication to the company and we wish them well in their future endeavors. We are fortunate to have a very qualified individual to fill the position of chief financial officer. Since joining the company more than seven years ago, Darryl Baker has been an integral member of the management team. Darryl’s in-depth understanding of our financial systems, operations, and strategic plan makes him well suited to help lead the company through this challenging time and execute on our long-term growth strategies.”

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