Glu to cut staff in $13m savings drive

In a further cost-cutting measure, CEO Greg Ballard has asked Glu’s board to reduce his salary by 25 per cent. The moves comes ahead of a $25 million payout required by shareholders of Chinese mobile games firm MIG, which was previously acquired by Glu.

“These decisions are difficult but necessary given the increasing economic headwinds facing our industry and the softening in consumer spending,” Ballard stated.

“By realigning our operations and resources worldwide, we are able to improve our financial performance in the near term while continuing to invest in key growth opportunities in the mobile games industry, especially surrounding high-end handsets and new platforms such as iPhone, Android and N-Gage.”

The firm admitted last month that, along with the damaging effects of the global credit crunch, it had been stung by its failure to foresee the impact of Apple’s iPhone.

Source: MocoNews