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Published: 13 December 2001 14:00 GMT
IT consultancy Cap Gemini Ernst & Young watched its share price sink for the fourth day in a row following the decision of CEO Geoff Unwin to retire next year.
he consultancy's shares have gone down by 53 per cent this year, compared to a 47 per cent slump in Bloomberg's Europe Computer Services Index.
Salary cuts and 5,400 job losses for 2001 are among the company's money-saving schemes to free up $715m a year, according to Unwin.
The company lowered its sales predictions for 2001 after Unwin's announcement to step down from his position as soon as he turns 60.
Unwin will be succeeded by Paul Hermelin, a key advocate of the Cap Gemini and Ernst & Young merger in 2000.
Hermelin will take the CEO reigns as of 1 January 2002.
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