Ratings company Nielsen reported yesterday (July 7) it will exit several markets and businesses, and will eliminate 3,500 jobs globally.
As part of the plan, the company will exit several smaller, under-performing markets and non-core businesses in the second half of 2020. Nielsen expects the plan to be substantially completed by the end of the year and for restructuring actions and other permanent cost-saving initiatives to drive approximately $250 million in pre-tax annual run-rate savings.
“These restructuring actions will further expedite our transformation to a more efficient, agile, and scalable organization and are designed to drive sustained margin expansion and increased cash generation. As part of the optimization plan, we have made the difficult decision to exit selected businesses and markets and permanently reduce our workforce,” said CEO David Kenny in a company statement.
The New York City-based marketing, research and ratings corporation currently employs about 46,000 people and operates in 100 countries.