Cold Storage startup Equinix to cut 1,100 jobs as part of restructuring effort

“Equinix Inc. (EQIX) announced Thursday a series of extraordinary actions intended to rapidly improve operating and fiscal performance and bolster the company’s competitive position. These moves are in response to recent operational issues and follow a comprehensive review of its capital allocation processes, business model, organizational design, and governance structure. The Board has worked closely with management on this review and is committed to these initiatives.<br><br>Chief Executive Officer Charles Meyers said, “We are taking proactive and intentional steps to address our recent operational issues and ensure that we are better positioned to achieve Equinix’s full potential. These actions are designed to leverage our strengths, strengthen our weaknesses, and drive sustained, profitable growth. They will enable us to reimagine the digital infrastructure industry and improve the Equinix experience for our ecosystem of customers, partners, and employees. While these actions are difficult, we expect that they will yield meaningful cost savings and drive enhanced customer satisfaction, retention, and growth. I appreciate the support of the Equinix Board, employees, customers, and investors as we undertake this important effort.”<br><br>“Most important to the Board is that Equinix is well-positioned to achieve sustained success in a rapidly changing industry,” said Adriana Cisneros, Chair of the Board. “We have carefully considered the steps the company must take to achieve its potential. We believe that these actions, together with the leadership of Charles Meyers and his team, will drive Equinix forward and ensure that it continues to thrive in an evolving market.””