F-Secure Corporation | Inside Information | October 17, 2024 at 08:00:00 EEST
Inside information: F-Secure plans to reorganize its operations and starts change negotiations
F-Secure Corporation and its subsidiaries ("hereinafter F-Secure") is planning a targeted restructuring of its operations, and to discuss the planned changes, the company will start change negotiations on possible redundancies in Finland and in other countries. The objective of the contemplated reorganization is the need to adjust F-Secure organization to better reflect company's increased focus on addressing specific partner segment needs and opportunities and to secure the successful execution of the company's growth strategy.
The scope of the change negotiations covers most operations within Sales, Marketing, Services and Technology. In total, the negotiations concern approximately 360 F-Secure employees globally. If the planned changes are carried out, they may lead to maximum of 60 redundancies, of which maximum of 37 are expected to be in Finland. The number of possible redundancies will be specified during the negotiations. The change negotiations may also lead to changes in teams and roles. In addition, approximately 45 new roles will become available if the planned changes are implemented. As of September 30, 2024, F-Secure employed a total of 530 people.
"The aim of the planned changes is to transform F-Secure operations, roles, capabilities and ways of working to fully align with our strategy and growth targets. Our organizational structure needs to be fully optimized to meet the requirements of all our partner and direct business segments, including the strategically important Tier 1 segment. With the planned changes we allocate further investments into our strategic capabilities and initiatives across the organization." says Timo Laaksonen, President and CEO of F-Secure.
The planned changes are estimated to generate annual cost savings of around EUR 4 million, and these will be reinvested back into the company to support growth and improve sales and service maturity. One-off costs related to the planned changes are expected to be recorded as items affecting comparability (IAC), and more information about these will be disclosed once the negotiations are concluded.
In Finland, the change negotiations will begin on October 22, 2024 and last an estimated six weeks in accordance with the Act on Cooperation. All applicable processes will be conducted in accordance with local legislations in each country. F-Secure is committed to communicating openly with its employees throughout the negotiation process and will announce the outcome after the negotiations have been concluded, which is estimated by end of November.
The change negotiations do not affect the previously disclosed financial outlook for 2024 or medium-term financial targets of F-Secure.
For further information, please contact:
Sari Somerkallio, Chief Financial Officer
tel. +358 40 3569251
Kaisa Tikka-Mustonen, Chief People Officer
Tel. +358 40 5646456
F-Secure in brief
F-Secure is Finland headquartered and globally operating consumer cyber security company. F-Secure offers award-winning security and privacy products and services that make every digital moment more secure, for everyone. F-Secure operates in over 100 countries, has ~200 Service Provider partners and is the global leader providing security through Communication Service Providers. F-Secure Corporation is listed on Nasdaq Helsinki Ltd. Read more: www.f-secure.com.
