Reuters: Mergers News: UPDATE 1-Windstream to cut 375-400 management jobs

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UPDATE 1-Windstream to cut 375-400 management jobs May 31st 2012, 13:51 Thu May 31, 2012 9:51am EDT May 31 (Reuters) - Telephone company Windstream Corp will cut about 375-400 management jobs, or 3 percent of its workforce, to reduce costs as sales of fixed line services falter. The restructuring, which is expected to be completed in the third quarter, will result in annual savings of $30-$40 million, the company said. The company had a net profit of $172.3 million on revenue of $4.29 billion in 2011. "We began initial planning for this management review last December," CEO said Jeff Gardner said in a statement. Windstream has been pushing into segments such as providing fiber connections to wireless cell towers and computer data centers as its legacy business deteriorates. The company's shares have fallen by a fifth this year. They were down more than 1 percent at $9.20 on Thursday on the Nasdaq.

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