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Ober has announced plans to cut 400 jobs in the global marketing department as it seeks to combat the slowdown in activity.
Dara Khosushi, general manager of the company, informed employees of the change made Monday to an email that would remove a third of 1,200 positions in the marketing department, according to Bloomberg.
"The slowdown we are experiencing naturally occurs with the size of the business, but it's something that needs to be resolved quickly," wrote Khosraoshi in the e-mail.
Orbara has been seen offering a public offering in May at 45 USD per share.
This is the first major reorganization of the marketing department in Ober since Gil Heislebker took over from Rebecca Messina, who left the company last month.
By the end of the day, Ober had lost 1.4% to $ 43.88.
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