Since the start of the year, the price of Teradata’s shares (NYSE: TDC) has fallen from $37.75 to $26.27. The shares were trading at about $26.38 early afternoon Tuesday.
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Teradata has about 1,000 workers in Southern California. In June 2018, the company first announced it was moving administrative and associated operations from Miami Twp. to the San Diego area.
“Given the pace of the technology market, Teradata must consistently evolve to execute its strategy with the upmost speed and efficiency,” the company said in a statement sent to the Dayton Daily News Tuesday. “As part of our annual planning cycle to ensure a successful 2020, we determined that it is necessary to bring our resources and investments more in line with that strategy. This has resulted in the elimination of a very select number of roles across the company, as we rebalance our teams to meet the needs of the business.
“These decisions were not taken lightly,” the statement added. “We recognize the impact this will have on employees and their families, as well as those employees not directly impacted by these events.”
Ratzesberger left the company Nov. 7, a move the newspaper described as “abrupt.”
He is replaced by Victor Lund as “interim CEO.” Lund had served as Teradata’s CEO from 2016 until Ratzesberger’s appointment earlier this year, when Lund became chairman of the company’s board.
Teradata finally closed its doors at its Austin Landing offices in late March.
The Austin Landing building had served as the headquarters of the data analytics and management company since shortly after it separated from NCR and went public in 2007.
“Part of the 400 people who helped me take the company public and grow it to a $2.6 billion powerhouse,” former Teradata chief operations officer Bruce Langos told the Dayton Daily News, referring to the final group of employees in Miami Twp., in March. “Some of the best, talented, smart people in Ohio.”
A message seeking the company’s statement on the layoffs was sent to Teradata.
Teradata earlier this month reported third-quarter net income of $10 million. Earnings, adjusted for one-time gains and costs, were 32 cents per share.
The results missed Wall Street expectations.
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