Greetings,
I know many are feeling anxious after today's exciting news.
I want to reiterate that Cengage will still pay its Class A investors a 16% dividend this quarter. In addition, I am not being deported.
We must continue to lead through disruption!
Full Stop!
@2fkb+1pgmbabt Jackie Reses lists the Cengage deal as an accomplishment because it is. At least in the demented, sociopathic world of private equity. Consider:
At the end of the day Apax was able double dip and gain a controlling share in Cengage twice while putting up basically no investment of their own. And all the while they have been paying themselves fat dividends and bonuses regardless of the poor performance of the company. I'm sure Reses has personally pocketed tens of millions while productive, middle class employees with families to support were thrown out on the street.
@1wal+1pgmbabt The best advice I can give is to look outside of publishing and emphasize your project management experience and any technical skills you have. Try to be as flexible as possible. Most employers aren't going to have any idea who or what Cengage is. If you try to stay in publishing you'll likely end up as a jobber making half your pay at Cengage for twice the amount of work.
What type of severance package is Cengage offering?
I saw a couple of weeks ago that Jackie Reses, one of the architects of the disastrous Thomson/Cengage acquisition, is speaking at a very influential conference. Instead of hiding in shame, people of her ilk take victory laps. Look up her LinkedIn profile. She proudly lists it as one of her accomplishments! Wow. Just wow.
I read this board once in a while and it's clear IPS is either a higher-up at Cengage or has intense business skills. One thing can be sure it's that MGH and Pearson got a deluge of resumes today.
I've only worked in publishing and am out of a job after over fifteen years. Does anyone know what types of companies are looking for people with editorial experience? I can do project management.
IPS shows the empty social justice warrior pose of Dear Leader and the other limousine liberal senior leaders at Cengage. While they say the Correct Things and act so deeply concerned about employee mental health, human rights and the current thing, they have absolutely no problem throwing middle class people out of work so MH and the private equity boys can afford another house in the Hamptons.
Got to hand it to IPS. They are perfect at parroting Dear Leader
Well, I do not go to the office much anymore but, I am showing up for this tomorrow!!! Me and a couple coworkers are treating it like a tail gate event in Kentucky.
It’s how the rich get richer.
In addition to what everyone else said, IPS has shown that Cengage leadership and investors are still bleeding the company dry while it teeters on the edge of insolvency. Most companies in financial trouble (well, most companies not owned by PE) cut jobs in order to shore up the balance sheet. Cengage cuts jobs so the bonuses keep flowing into Consultant Class Kermit's pockets.
Come on. No one should be surprised. This steaming pile of dog sh-t has been stinking for 2 decades. If you are still at Cengage it’s your own fault. You’ve been given dozens of warnings
The unemployment rate is 3.8 percent.
IPS has been the canary in the coal mine. For years.
This business has been in the toilet since Harrington and the boys fleeced the choades at APAX to buy Thomson Learning. They are still laughing.
MH is an absolute putz. A total mo--n. But Steve Jobs himself couldn’t have rescued the Center of Engagement.
IPS' post is cruel but it's right in line with what Management is saying. Accept it as satire. I don't believe IPS is trying to be mean, just showing the clueless insensitivity of the C Suite.
In defense of IPS, Job loss before the holidays is The Cengage Way™.
Get on the train!
People are losing their jobs right before the holidays and you are treating it as a joke. Very Classy.