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WATERLOO, Ont. — OpenText Corp.‘s chief executive says the company plans to shed about 1,200 roles as part of a business optimization plan.
In an open letter to stakeholders, Mark Barrenechea says the move is meant to place the right talent in the right places, fund growth and innovation and deliver higher productivity, lower costs and expanded margins.
He says the Waterloo, Ont.-based software company’s job reduction will come with one-time costs of about $60 million but will generate about $150 million in savings per year.
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