I believe there was a meeting of Senior Directors and above earlier this morning attended by Betsy. It was said in the meeting that we will know our fate at the end of this month (August). The usual 3 options:
Gone, 6 month transition or Stay
Did anyone else hear this.
I got down voted when I said we cannot get notice on 1st Sept. 8K has been filed with Oct 30 as close date. Both companies have publicly declared it. Only Broadcom can give us a notice because at this point apart from performance issues, VMW is not laying off anyone. And simple laws of M&A dictate that Broadcom can only give us notice after the close. So expect no notices till Oct 30. And most probably it will be pay in lieu of notice for folks impacted.
But according to CIO all hands, things will change a lot in next few weeks. Folks are already in discussion about integration with a Vendor Consulting company which might lead the post close integration efforts. My fear is this will create a situation of Haves and Have Nots. Folks who are called to help with integration activities will have hopes of transition role offers and those not called for integration work, will assume they are on the list to be laid off first. In short, work in next 2 months is going to be affected and will change a lot from operations perspective. Lot of folks will go on PTOs. Not sure how will leadership motivate people to do work when folks know that their work will probably be mothballed post close?
Yep, long weekend in US as well so nothing happening till at least Tuesday.
Again it goes to show the people here claiming to have insider information or understand the Hock playbook are all either delusional or trolls.
This has aged well......
The quarterly company meeting is scheduled for Sept 13...
Any new news? We have three more days for the predictions done here to come true.
There are no mentions on any slack channels about what you state vmware has confirmed leiu in pay, so stop all this
From what I understand how WARN notice works, we cannot get a notice on 1st Sept if the closing date is on Oct 30. WARN rules say clearly - If the target company is laying off people then they send the notice. And if the acquiring company is laying off people then they send the notice. VMWare will not send notice because VMWare as an independent company will not lay off people at this point. Notice will have to come from Broadcom and that means it can only happen after closing date. Before closing date, Broadcom cannot send us a notice. Also VMWare laying off people will violate Retention Bonus RSU vesting clause.
@5kfc+1o8YTjNi If what you said is true then we should be receiving those notices on September 1st not October 30th so that Broadcom can clean the house right after October 30th unless I am missing something.
VMWare Broadcom AMA Slack channel reply has confirmed that they expect transaction to close on Oct 30, 2023.
Also for folks expecting a notice 60 day prior, there is an option called "Pay in Lieu of Notice". This is mentioned in the severance policy as well as FAQ for the retention RSUs. What that means is that Broadcom can lay us off on Oct 30 and pay us salary and benefits for the 60 day period as a lump sump amount along with 2 month severance pay. That way we are let go on that same day.
In a regular non working 60 day notice, you still get paid every 15 days and you cannot accept another job during that time (Google followed this process during their big layoff as per someone who was affected by that layoff). Or else you are not eligible for the severance.
Notice or pay in lieu of notice, will have to come from Broadcom because if VMWare sends the notice then we are being laid off before the closing. That will mean that retention RSUs will not be paid. And after spending $61B, I don't think leaders of either company want to dent their reputation to save $100M in retention bonuses. Hence my best guess is we get layoff notices on Oct 30 with Pay in Lieu of Notice.
You honestly think Vmware is in position to so finally tune it's human capital needs and this person is not at risk of the lines on the map shifting? Dream on
I just was made an offer the other day for a position at vmware and am just now finding this thread. Why are they hiring if they will lay people off come october or sooner?
Don't think of this as blind layoffs across the board. There are many, many teams within VMware, each with varying priorities. This is a good way to reallocate people to more priority work by laying off some from Team A and hiring new talent into Team B. With strict budgets in many BUs, if you have an offer then that is a good thing. It likely means the work you are going into has greater priority and will continue to have better support.
I just was made an offer the other day for a position at vmware and am just now finding this thread. Why are they hiring if they will lay people off come october or sooner?
The communication from Raghu has been dreadful. Broadcom have publicly announced a close date he does not give a cr-p. He’s too busy planning his retirement.
This is not Raghu's party. It's Broadcom's. They control everything. All VMW internal can do is parrot what Broadcom says. Stop holding your breath for a secondary party to tell you something that you could just get from the primary party.
I believe the VPs and Senior Directors who cane on this thread and posted "nothing to see here, move along" should be ashamed of themselves. Rather than tow the party line continuously, why not grow a pair and tell people what you know. Disgraceful.
Sr. Dirs and VPs don't know the information you assume they do. That should have been obvious by now ...
With what they know, why would they risk their jobs just to make some random person in another BU feel better? What would the words of some VP in CIBG mean to someone in EUC? Absolutely nothing.
I believe the VPs and Senior Directors who cane on this thread and posted "nothing to see here, move along" should be ashamed of themselves. Rather than tow the party line continuously, why not grow a pair and tell people what you know. Disgraceful.
It is now perfectly clear from the Broadcom post today that the deal is done and dusted.
The WARN act in the USA means that 60 days notice must now be given to affected employees. The August 30th date seems to be back in play again.
“It is demotivating and I was expecting more from senior leadership on the communication side.“
What leadership? Raghu has been asleep since he took over from Pat. There’s been a hole at the top for a while.
Welcome Broadcom; it should cull the excessive middle management and get VMW back to being lean and hungry.
"Looks like we are inching closer with new information everyday."
Not to mention this:
"SAN JOSE, Calif., Aug. 21, 2023 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO)... today affirmed its expectation that its acquisition of VMware, Inc. (NYSE: VMW) will close on October 30, 2023"
This is getting closer to what we've been hearing about notices being sent out next week, which complies with the 60-day requirement. It is demotivating and I was expecting more from senior leadership on the communication side.
“ Will there be any communication from VMWARE to either dispel the rumors or confirm them?”
The communication from Raghu has been dreadful. Broadcom have publicly announced a close date he does not give a cr-p. He’s too busy planning his retirement.
Looks like we are inching closer with new information everyday. Last week was stock option email, today it is CMA approval and FTC’s deadline for objection being past. All this is very stressful for everyone. Will there be any communication from VMWARE to either dispel the rumors or confirm them? We have to wait and see how they handle this. I understand that there are legal constraints but in my previous experience at least the managers were indirectly hinting to their team members the consequences so that they can prepare ahead. I don’t see that here except for some kind hearted folks sharing the info from internal meetings on this website.
If they are assigned to critical tasks, does that mean they are capable? Why would they want to get rid of them, although no one is irreplaceable?
It makes sense to communicate those who will be laid off to current management so that those resources are not assigned any critical tasks causing disruptions.
Upper Management also knows who’s on the list of layoff. I think the only uncertainty is the transition vs perm list. They do have an idea who is recommended on the round 1 list unless they aren’t consulted by Broadcom. Highly unlikely they weren’t.
Think about this logically. Broadcom has to do some analysis on who to let go, who to keep and who to transition well before any actual closing. They can't simple wave a magic wand and get this info instantly at closing date.
They have to prepare for the potential severance packages, prepare payroll transitions, prepare offer letters etc. etc. It is a huge task to do this for thousands of people which is why they obtained the compensation and address details a few weeks ago. This analysis is probably ongoing or done at this time and your name is probably already on some list that isn't public.
My take is this info is going to be made public even to upper management only very near the closing date.
The closing absolutely can happen anytime between Sep 15 - Oct 31. I would say anytime in this date range is fair game.
It would be best not to get too hang up too much on the exact date of notices if you know you’re vulnerable. Plan accordingly and look to past acquisitions as guidance.
Anyone sharing a perspective here is not a troll. If you don't like it, that's fine. You can downvote it. But don't assume they intend to waste the time of others.
You're trolling if you share a perspective and portray it as truth. Let's go back to the original statement:
> It’s Aug 31. Explore is one week earlier than usual precisely for this reason.
"Precisely this reason"?
VMware actually scopes locations more than a year in advance (at this time, we typically already know where our next Explore will be) and there is wording in there allowing for flexibility of dates due to special events (just like you can change insurance if there is a life event).
The Aug 21-24 dates were announced last fall. They never changed. It was never moved up or moved back due to extenuating circumstances.
In any case, everything points to Aug 31/Sep 1. So why would they want this bad news to go out right after Explore and dampen all the press momentum? This is why Explore is on Aug 21 this year.
I'm trying to follow here. Your claim is that a year ago, prior to Explore being publicly announced in Oct, they were worried about alleged layoffs on 31 Aug and so moved Explore ... a week earlier?
This is a time of great stress, and there are too many rumors flying around. The last thing we need is more people giving unfounded perspectives as facts to further muddy the waters.
Anyone sharing a perspective here is not a troll. If you don't like it, that's fine. You can downvote it. But don't assume they intend to waste the time of others. VMware actually scopes locations more than a year in advance (at this time, we typically already know where our next Explore will be) and there is wording in there allowing for flexibility of dates due to special events (just like you can change insurance if there is a life event). In any case, everything points to Aug 31/Sep 1. So why would they want this bad news to go out right after Explore and dampen all the press momentum? This is why Explore is on Aug 21 this year.
@2oeq+1o8YTjNi
agreed, people's livelihoods are at stake.
fu----g sad really.
ive always heard about layoffs, but never actually came into an experience like this.
i dont even have family to support, and if im stressed, i can only imagine the stress that those with families must be going through
Whatever chatter you hear from here, do what’s best for you and your family. People who are bloviating won’t take care of your bills and responsibilities. You do what’s best for you. Have a plan B. Prepare for multiple scenarios.
31st August is also when VMW and AVGO have there earnings
I was in the meeting. There was NO discussion about Sept 1st and layoffs etc. There was also no mention on the different BUs. Everything being discussed was at a VMware level.
Do you really think that they’d announce such information as been suggested here in a broad spectrum meeting? This sort of information is usually shared at an individual or much smaller group level.
Your managers are not hiding anything from you, they have the same as non managers here, they’re just as in the dark.
All these rumours are just that, rumours, with the expectation we will know more in September / October timeline when integration planning accelerates.
Those of you spreading rumours should be ashamed of yourselves, as all this does is promote toxicity and uncertainty in an already unnerving time for many.
It’s Aug 31. Explore is one week earlier than usual precisely for this reason.
Go away, troll.
The contract was signed for this Explore week back in Oct/Nov of last year. You think they literally had this week designated back then and coordinated it in secret with Marketing?
Come on man
Looks like we will receive notices on September 1st as mentioned by the director in this thread. All are getting emails related to stock options from E*Trade to chose between AVGO and vmware.
It’s Aug 31. Explore is one week earlier than usual precisely for this reason.
Honestly, Sept. 1, Oct. 1st, or Nov. 1st, there is no much difference......
All steps here, till step 4 tldr; ask for additional info
https://www.ftc.gov/advice-guidance/competition-guidance/guide-antitrust-laws/mergers/premerger-notification-merger-review-process
Step Five: The Waiting Period Expires or the Agency Challenges the Deal
The potential outcomes at this stage are:
close the investigation and let the deal go forward unchallenged;
enter into a negotiated consent agreement with the companies that includes provisions that will restore competition; or
seek to stop the entire transaction by filing for a preliminary injunction in federal court pending an administrative trial on the merits.
Unless the agency takes some action that results in a court order stopping the merger, the parties can close their deal at the end of the waiting period. Sometimes, the parties will abandon their plans once they learn that the agency is likely to challenge the proposed merger.
@2bzr+1o8YTjNi are you sure? FTC MUST APPROVE THE DEAL. Otherwise, it can't close.
It is public information that the FTC has not ruled on the merger.
The FTC does not rule on the merger! In the US we do not wait for our government to approve transactions, transactions are presumed to be valid. The FTC has to file objections and they have the burden of proof as to potential harm, not the merging companies.
The FTC's silence is consent.
"I think August 31st or September 1st as the date for communicating decisions on employment status is not accurate. It is public information that the FTC has not ruled on the merger. Broadcom would be unlikely to communicate employment decisions prior to the FTC ruling. Everyone will likely know by the end of October, but it would be surprising - and improbable - that decisions will be made and communicated in two weeks' time."
I am assuming Broadcom got some information that the deal will be approved provisionally vía private communication channels from FTC. Everything will not be public until it is officially announced. I trust this thread that September first will be the date. It also correlates well with other posts posted by a few other people from Broadcom CA and Symantec.
"One thing I won’t miss is Magoo’s advice and words of wisdom."
My therapist told me my angst towards him is centered on my jealousy, and over-confidence that I could dispense platitudes better than him. But I'm pretty sure I could come up with something better than "the main thing". Come to think of it, what does even mean by main thing?
For Hock the main thing is clearly revenue.
For Raghu the main thing is building complex products that don't integrate?
Highly unlikely that Aug 31 is the date, but no worries, the date will arrive in the next 6 weeks so not quite sure if it makes much of a difference anyway... The end is near and that is a fact.
Raghu did mention that some people may have roles and some don’t and people who stay must focus on integration etc etc.
Oh, Magoo, you’ve done it again!
Thanks Captain Obvious.
One think I won’t miss is Magoo’s advice and words of wisdom.