14 DAY TRIAL // The security solutions provider plans to dismiss part of its employees as a result of the downfall of Spanish and global economy. The company's chief executive has also been replaced in hopes of reviving what's left of the company.
The Spanish news group Cinco Dias informs us that 128 employees will be fired out of the 1000 currently employed by the business throughout the 61 countries of world where they operate.
This is a direct effect of the 35% drop in sales recorded by the company, along with the €57 million ($74 million) debt owed by Panda Security.
According to The Register, they decided to cut their losses by reducing positions and by focusing their activity towards cloud-based solutions. Also part of the change, former chief exec Juan Santana has been replaced by José Sancho, a director of the firm.
"The other seats on the Board of Directors remain unchanged", highlighted a statement issued by Panda representatives.
The statement added that "The situation of the international IT security market, characterised by the global crisis and the consumer market in Spain, and mainly due to the widespread offer of free antivirus online, has led Panda Security to implement a refocusing of business strategy, which will involve a reorganisation of the company and a significant cost reduction.
"This strategy implies a new stage in the management of the company, which began with the appointment of José Sancho, as the new chief executive officer of the company, replacing Juan Santana. José Sancho will be the chief executive of the group, with direct presence in 61 countries around the world."
The anti-virus market and the security solutions market in general is growing more competitive by the minute and companies who can't keep up the pace obviously fail. In this case they might have a real chance of putting their act together if they come with something innovative to the cloud computing table, but they better hurry as others such as Symantec are already way ahead.