Agilent Announces Pay Cuts
"We're trying to avoid across-the-board layoffs in response to cyclical market conditions," said Ned Barnholt, Agilent president and chief executive officer. "We view the economic slowdown as a business cycle -- even though it's deepening and broadening. At the present time, we believe this pay reduction is the most appropriate action for us. We value our workforce and need to be ready to meet demand as business conditions improve."