McGraw-Hill Announces Restructuring of Business Operations and 375 Job Cuts
The McGraw-Hill Companies this week announced the restructuring of a number of business operations that took place during the fourth quarter of 2008 in what the company said was a response to the current economic environment. Included in this restructuring was the elimination of about 375 positions across the company.
"Our diverse portfolio of businesses and ongoing cost containment efforts have helped lessen the impact of challenging economic conditions in 2008," said Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies. "The actions we are announcing today are a continuation of these efforts and will help us continue to manage the company efficiently through a difficult environment while taking all necessary steps to better serve our customers and shareholders."
McGraw-Hill incurred a restructuring charge of $26.3 million during the fourth quarter of 2008, most of which was attributed to employee severance costs.