VANCOUVER, B.C. - Intrinsyc Software International Inc. (TSX:ICS) said Monday it has made cuts to its executive staff in an effort to save eight per cent, or $800,000, in annual expenses.
The Vancouver-based maker of software for mobile devices named executives and managers who will be leaving the company, including David Manuel, vice-president of device development and Souheil Gallouzi, vice-president of mobile product development. Neither role will be replaced, the company noted.
Intrinsyc said it made the decision as a response to challenges with the economy, as well as heightened competition.
The company did not say whether other jobs were affected by the cost-saving move, and calls to its chief financial officer for comment were not immediately returned.
During the third quarter, the company expects to book $500,000 in restructuring charges, it said.
"We are well positioned with a strong balance sheet, exceptionally talented engineering resources, and exciting new products launching in this quarter," said Tracy Rees, chief executive officer.
Intrinsyc shares were unchanged at 8.5 cents on the Toronto Stock Exchange.