PR Newswire Cuts 25, President Steps Down

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PRWeek‘s Tonya Garcia reports:

PR Newswire (PRN) has cut 25 positions as part of its parent company United Business Media’s overall headcount reduction of 300 staff during the second half of 2008…PRN’s profits for 2008 will be lower than last year “due to the loss of market share” in its “US wire distribution business earlier in the year,” and continued investment in its infrastructure, sales and marketing, as well global expansion. Also, David Armon, PRN president, plans to step down from his position after the first half of 2009, at which time he will consider a consulting role.

Rachel A. Meranus, Vice President of PR for PR Newswire tells us, “there were no departments cut entirely, rather the positions cut spanned different departments.”