Bloomington, Indiana-based Cook Medical, a manufacturer of medical devices, has announced a global reduction in force.
The reduction in force will impact 500 employees, but none who are manufacturing assemblers or hourly employees in distribution centers.
According to a company announcement from Cook Group President Pete Yonkman...
A difficult step for our strategic success
The last several years have brought significant change to our customers, our supply chain, and the way we work. To ensure that we are positioned to be successful in this new world, our global leadership teams have implemented a new five-year vision and strategic plan that were informed by extensive feedback from our customers, employees, and leadership teams.
Today we are announcing the most difficult decision we have had to make in support of our strategy. We will be implementing a reduction in the size of our global workforce by approximately 500 people, or about 4% of our total employees. This is a very hard choice and not one that we have made without significant thought. Steps like this are especially difficult because they impact the lives of people we have come to respect as colleagues and friends. But it is a decision that we are convinced is critical to achieving our long-term success and our vision for who we want to be as an organization.
It is important to note that no hourly manufacturing employees or hourly employees in distribution centers will be impacted. Demand for our products continues to grow and we want to ensure we have the capacity to meet it.
Why we’re taking this action
Our vision for the future is to lead the industry by relentlessly delivering new products and services to address unmet customer needs and underserved patients. Reaching this vision will require careful planning, strategic choices, and a lot of hard work. That’s why our mid-range plan is so important—it maps a clear pathway to reach our goals.
The first few years of the mid-range plan have a significant focus on our disciplines of operational and financial excellence. An early focus on these two areas will ensure we’re able to invest significantly in the next phases of our product leadership strategy.
We acknowledge that there is no perfect way to communicate this decision in a global, hybrid work environment. Please know that we put thoughtful consideration into every step of the process, keeping the needs of impacted employees at the center of our efforts. We have also worked to provide best-in-class transition services, severance, and support for people who are impacted by this decision.
Please note that a relatively small group of leaders were responsible for the planning and execution of this announcement—your direct manager may or may not be aware of the details and next steps.
To those who are directly impacted by this decision: Thank you for your dedication and contributions to Cook. You’ve helped to improve the lives of patients across the world. We appreciate everything you have done for Cook and we are committed to supporting you through this transition to help you in your next step.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
