ICL: 'that's not how a company should function'
Fujitsu boss slams UK subsidiary
Fujitsu is to cut more jobs at ICL, its UK
computer services subsidiary, the FT reports.
"We need to modernize ICL's operations, and focus more on profits," Fujitsu president Naoyuki Akikusa said.
He criticised ICL's management for focusing "so intensely on the IPO (Initial Public Offering)", cancelled by Fujitsu in August. "That is not how a company should function."
"The management should be working for the customers, not for an IPO," he told the paper. Too many managers were now on the payroll with too little to do, he said.
ICL lost £109.3 million on sales of £2.77 billion for the year to 31 March. ®