Haim Romano, the new CEO of Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR), is slashing the company's workforce. Sources inform ''Globes'' that the Orange franchisee controlled by Ilan Ben-Dov will fire 1,000 employees from next week as part of the streamlining measures the company is taking to deal with its worsening financial results.
Partner is firing 12.5% of it current workforce of 8,000 employees. Most of the employees being let go are from customer service centers. The company will also close two service centers, and others will be consolidated to create one-stop-shop centers.
The firings are part of Romano's new strategy to focus on fostering customer relations rather than building market share. The company's workforce greatly expanded in recent years, but there was no direct correlation with its profitability.
Partner's share price fell 3.8% on Nasdaq yesterday to $10.77, giving a market cap of $1.68 billion, but rose 0.5% in morning trading on the TASE today to NIS 40.80.
Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2011
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