Malaysia's Star Media aims to trim 200 staff via separation scheme - official
KUALA LUMPUR - Star Media Group, the publisher of Malaysia's most circulated English newspaper, is aiming to trim its staff headcount by as much as 200, its chief financial officer said.
The company plans to implement the so-called mutual separation scheme and early retirement option amid challenges in terms of profitability, according to an internal memo reviewed by Nikkei Markets.
The cost of the separation programme and potential savings will only be determined after the measures are completed, Ragesh Rajendran said.
"While we continue to strive to maintain pole position in the industry, more needs to be done to rationalize our business pillars, one of which is in the area of manpower," said the memo dated Tuesday and signed by chief executive Wong Chun Wai.
"We need to review our human resources needs with a view of transforming ourselves into a lean organisation that would be ready to meet the increasing business challenges."
Star Media publishes The Star daily newspaper, which had a combined print and ePaper circulation of 359,442 copies as at Jun. 30, 2016. The company also has business interest in radio broadcasting and event management.
Read the full article here.