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Gevity HR Inc. (NASD: GVHR) said today it will reduce internal headcount by approximately 10%. The Bradenton FL-based professional employer organization said the cuts are part of a plan to reduce annual operating costs by approximately $19 million, or 16% compared with 2008.
Gevity said it will take a restructuring charge of approximately $2.7 million in the first quarter.
"Management remains vigilant in focusing its attention on returning Gevity to more consistent levels of profitability," said Chairman and CEO Michael Lavington. "We believe the initiatives announced today will ensure our cost structure reflects current economic circumstances and will further strengthen our future financial position."