I'm still working ! There were no layoffs on the 14th like commented before ! Stop upsetting people if you don't know for sure !!! This doom and gloom stuff su-ks !!!
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@1ant+1pCtxdsT Ma'am, the optics looks atrocious. Employees did not receive a salary increase for the year 2023 to 2024. Yet they are seeing/reading that CS managements have received millions of stocks at $0!!! During these difficult times, I'm 100% certain that no CS employee would begrudge Chuck his 153M+ $0 stocks if he had also made similar grants to those employees who did not receive a pay increase, and who have had to take on extra workload because you laid off key employees with key skills sets only to realize a week later that they were actually needed to build the products which CS customers actually want!!
Both CS employees and CS management are facing the same economic headwinds, yet CS management are seen to be only looking out for themselves while piling on extra workload on loyal employees who chose to remain with the company. Shame on you Ma'am!!
For the previous poster - do you actually understand what $0 stocks are? Get educated before you spew falsehoods. $0 stock isn’t company stock just given to someone. It’s company stock that’s granted, but ONLY VESTED AND EARNED if the company achieves pre-defined financial hurdles in a 3-year period. If not met, the shares are forfeited. That’s why they’re called Performance Share Units or PSUs, because performance must be achieved. Get it?!! At CommScope, most of the CEOs, CFOs & other execs stock/shares haven’t vested. They’ve been forfeited / never received because PSUs are the majority of stock provided at that level (vs RSUs for other leaders which vest based on time hurdles not performance hurdles). It’s all public information.
CS are looking to sell NICS & ANS. The fact that Kyle was reluctant to state exactly how the debt will be addressed during the recent Q3/23 ER call, after previously stating that the market would be informed before the Q3/23 call, implies that a deal is close which would prevent any further disclosures from him. If a deal does occur, then surely that would cover the planned additional $100M cost savings?
Disposal of any or all BUs is infinitely better than the looming possibility of a default and subsequent bankruptcy!!
I'm just at a loss to figure out why the CS CFO did not address the debt while interest rates were low and revenues were still coming in? Why wait to the last minute before taking action? Perhaps reducing the debt was not on his list of KPIs, while dishing out and receiving $0 stocks was clearly at the top of the list!!
Target date was off, but the message isn't completely fictional...
Buried in a story about a church buying the former corporate HQ in Hickory, there was this tidbit of foreshadowing:
"...On the Nov. 9 earnings call, CommScope CEO and President Chuck Treadway said the company has cut $150 million in costs so far this year and is looking to make additional cuts. “We’re working on defining these actions and are targeting an incremental $100 million of cost reduction to be implemented by the end of the first quarter 2024,” Treadway said..."
$250 million in cost reductions (e.g., employees and budgets) set for 2023-2024 with 60% completed ($150 million in 2023), and the remaining 40% reduction slated to occur between now and end of first quarter 2024 (only 4 and a half months from now).
The original poster's Nostradamus Date was wrong, but the overall outcome is still barreling full speed ahead; except for that shady part of "5 years or newer employees" being laid off.
I would expect the company to follow its current strategy of laying off highly tenured, seasoned employees for the most bang for their headcount reductions.
Agree people shouldn't be saying layoffs on x date if unsure. But lets be honest,this company lays people off continously for last 4 years.personally never seen the like of this in Arris.how can anyone feel safe when it's down to cost cutting and noting to do with employee performance .
All the while slt remain with the huge salaries.