IGT to Slash 10% of Its Workforce to Streamline Its Operations  

IGT, a leading manufacturer of slot machines, is preparing to part ways with approximately 10% of its workforce. Officials said that this will help the company focus on its current priorities by streamlining its operations.

IGT Sheds Off a Significant Chunk of Its Workforce

According to the announcement, the layoffs will see IGT lay off approximately 700 workers across its global network of offices. This is equivalent to roughly 10% of the company’s workforce and comes as it pursues a more focused foundation.

CEO Hector Fernandez announced the layoffs in a letter that was distributed to company workers, explaining that the move is necessary in order to align the company’s resources with business priorities. Fernandez emphasized that this is important for IGT, which continues to pursue ambitious growth objectives.

Fernandes added that ever since he was named as CEO of the company, he has sought to ensure that it was positioned for further growth. He emphasized that he has remained committed to evaluating the business and making decisions to strengthen it.

As part of that review, we also had to make some difficult decisions about how our organization is structured, and this work has led to a difficult but necessary step.

Hector Fernandez, CEO, IGT

Fernandez rejected the idea that the layoffs are performance-driven and emphasized that their ultimate objective is to ensure IGT remains focused and adaptable to industry changes.

All Affected Workers to Receive Severance Packages

In the meantime, IGT confirmed that severance packages are being provided to all employees facing layoffs. Fernandez explained that everyone leaving IGT as part of this action will also receive outplacement support and transition resources.

He also acknowledged that other company members might feel sad about their colleagues or concerned about the future. While he acknowledged these emotions as natural, Fernandez said that what’s important is for IGT’s team to move together.

We came together to build a company that can lead in a rapidly evolving industry, and I remain confident in that opportunity and in the strength of our team.

Hector Fernandez, CEO, IGT

Fernandez promised that the streamlining will ensure that the IGT of tomorrow will continue to drive innovation, execute strategic priorities, and deliver best-in-class services.