UK defence firm to axe 800 jobs
28/11/2007 - 11:41:26The bosses who made fortunes from the privatisation of defence research firm Qinetiq announced plans today to axe 400 jobs from the business.
Chief executive Graham Love – who made £22m (€30.8m) when the former Ministry of Defence business was floated in February last year – said the job cuts would fall among the company’s 8,000 UK staff.
Last week the National Audit Office (NAO) spending watchdog criticised the “excessive” £107.5m (€150.6m) returns of Qinetiq’s senior management from the deal and said the taxpayer could have gained more.
