Vitesse Cutting Employees

Vitesse Semiconductor Corp. will cut 12 percent from its worldwide workforce to reduce operating expenses, the company announced. Camarillo-based Vitesse will incur severance and related charged in the second quarter of the fiscal year. The company remains cautious about the remainder of the year and made the personnel cuts to achieve a goal to remain cash neutral or better for the year, said CEO Chris Gardner. The company remains committed to releasing three new products each quarter, Gardner said. Shares in Vitesse closed up at $0.32. Mark R. Madler