Wednesday, March 23, 2011

New Shaw chief wields axe; 500 employees cut

Four months after Bradley Shaw assumed the corner office at Shaw Communications Inc., the firm is slashing nearly 4% of its nationwide workforce, a move seen as the first decisive mark made by the new chief executive. The cuts, numbering roughly 500 in all, arrive at a crucial time for both Shaw, the son of company founder JR, and the Western Canada cable giant. Calgary-based Shaw faces increasing pressure on margins and growth in its traditional television, Internet and digital home-phone businesses. Of equal importance, the company needs ample capital to erect a new wireless network analysts say sits at the centre of Shaw’s future profit prospects. Notices went out to roughly 150 managers, including vice-presidents of certain operations, and another 350 call-centre support and warehouse employees Wednesday notifying them of their termination.

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