trending Market Intelligence /marketintelligence/en/news-insights/trending/BIYP3W8GhIAGQXXBiRFMsg2 content esgSubNav
In This List

CyrusOne lays off 55 employees as part of cost reduction initiative


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

CyrusOne lays off 55 employees as part of cost reduction initiative

CyrusOne Inc. said Jan. 13 it will cut its workforce by 55 employees, with immediate effect.

The staff reduction, which represents about 12% of the data center real estate investment trust's workforce, "will result in enhanced margins and higher profitability over time," said CyrusOne President and CEO Gary Wojtaszek. Severance pay and customary transition assistance will be provided to the affected employees.

Tesh Durvasula will also step down from his role as president of Europe to explore other interests, effective March 1, and will be replaced by Matt Pullen, who serves as managing director of Europe.

Durvasula will stay with the company in a consulting role through June 30.

The REIT said the events will lead to annualized cash compensation and benefits savings of about $10.7 million, and it expects to incur an estimated charge of roughly $5.9 million related to these matters in the first quarter.