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June 03, 2002
A Forced Vacation for VeriSign Employees
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Aiming to cut costs, VeriSign has ordered its employees to take three vacation days in the second quarter, which ends June 30, and three more in the third quarter, according to the Washington Post.
The company will close most of its offices during the week of July 1 and encourage employees to take their mandatory third-quarter vacation at that time, spokesman Tom Galvin said.
"We're looking, as many companies are, to control our expenses as tightly as possible," Galvin said.
Employees who haven't accrued enough days off to meet the mandatory vacation requirements will have to borrow against future time off, Galvin told the Post. No employee will go without pay during the mandatory holiday, he said.
VeriSign's Dulles, Va., office, which houses the global database of dot-com Internet addresses, will remain staffed by essential personnel over the July 4 holiday week, Galvin said.
The Post notes that VeriSign has had problems this year, posting a steep first-quarter loss and cutting 350 employees as part of a restructuring.
Scott Phillips, a Merrill Lynch & Co. vice president who tracks VeriSign's stock, said he sees no immediate end to the company's financial woes.
"The near-term forecast for VeriSign is all negative," Phillips said. "It's not the high-growth, leading tech company that people had traditionally thought of it as."
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