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Critical Path Cuts 450 Jobs:

April 11, 2001|Reuters

Critical Path Inc., a software company that last week restated results for the second half of last year and is the subject of a regulatory probe and numerous shareholder lawsuits, said it was cutting 450 jobs, or about 43% of its work force, as it jettisons noncore products. Among those to lose their jobs are President Diana Whitehead--who had been seen as a key player in the company's recovery from the accounting scandal that forced it to take $19.3 million in sales off its books in 2000--and Mari Tangredi, executive vice president of sales. The San Francisco-based company said it will close 25 of its 77 offices worldwide as it moves to focus on its core Internet messaging services. Critical Path closed up 3 cents at 87 cents on Nasdaq, before the news was announced.

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