Confirmed cuts coming before the end of the month; product teams / p & c / marketing and others
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Another all hands schedule for Thursday…
Is this the beginning of the end?
All of this has revolved around the merger - what about ripples from the failed VS3 deployment? Is the merger going to save us from a round of layoffs due to VS3?
They did mention it was a very small amount of overlap in positions that they are still trying to figure out so expect there be some layoffs but not that many. Based on the email announcement they already eliminated a few higher positions that overlapped.
Surprise they “answer” a question around layoffs.
Of course they beat around the bush and talked about looking at “growth” like last time.
Guru and Mark look so uncomfortable answering it, pure BS
If all-hands is just to paint the broad strokes and layoffs come after, company-wide anxiety and dread will continue to gnaw away at already abysmal morale. Better to rip off the band-aid. There should be a VP-level shakeup as well. Last time the VP's protected themselves and laid off off a bunch of Directors and IC's...
Not possible…you can see the all hands meeting was sent to every group.
Imagine if there were two different all hand meeting notices ..... One for those staying and one for those leaving
I’d be inclined to agree. All hands will just announce the org structure. Layoffs if any, would be in the weeks coming. P&C, IT etc. would not be expected to miss the all hands or immediately start laying people off there and then. Too much of a complication in my eyes. They will want resources dedicated to those efforts without distraction or scheduling conflicts. Just my 2 cents.
Well, all-hands in the 9 pst might suggest initial org announcement not to be coupled with the layoff. Seems like usually layoffs eat up most of the morning and trigger response emails/meetings mid day. This time line doesn't fit that. Though things are more complicated now with 1/3 of the company being on UK time. So who knows...
The VS3 failure is already a massive morale ki-ler.
Doesn't it seem like a massive moral ki-l to pair major org integration changes with a layoff?
Seems like you would want to layoff first. Or maybe even wait a bit till after some dust settles.
Earnings is Tuesday, August 8
Actually its "Wednesday, August 9, 2023 after the market closes" according to an announcement today.
Anyone know how large the upcoming layoffs will be, either percent of the company or number of people?
Earnings is Tuesday, August 8. They'll want reorg and layoff lined up ahead of that to put the company in the best possible financial light, given the multi-hundred million dollar disaster that is VS3. Ugh.
You’re correct. “Organizational announcement” is expected this week.
Go read the email again. It has a section titled “What to expect this week” and under there it says they will announce the reorg details, implying it will be this week.
That’s not true. What was said this morning is that “within a few weeks we will hear from our executive leadership about our new operating model and organizational structure”.
Email this morning said it’s announced this week so I guess we just wait and see? Anyone heard anything else?
Good luck
Org restructure may or may not be announced Monday. We heard today IT are having technical issues for both organizations.
I was laid off in the last round. It appears severance was fixed, not calculated based on years at company, at least in my old segment (GFB). The amount was neither generous nor stingy. Not providing too much detail in order to protect my anonymity…
How was your severance calculated? What was your general role? Software, Finance ect.
F!!!Viasat, you mean today? What region and business segment are you in?
I was laid off in the last round. AMA.
I’ve been in meetings where a couple of people have mentioned possible measures which have made the higher ups happier about the situation so perhaps not a total loss but there will be some reduction. I agree with the previous comment though. Management redundancies between the two orgs and the areas grown on the basis of a successful VS3 deployment will likely targeted. Just my opinion though.
The phrasing of the VS3… “anomaly”… if you will, paired with the contingency plans mentioned, makes it sound like it’s a complete loss. Sounds like they have enough to save face on the in-flight Wi-Fi business but no contingency for residential and small business. Basically it seems like global fixed broadband will be hit the hardest financially, and thus likely will be affected the most with the re-org. Just my thought process.
A reduction had to be coming to adjust for redundant positions. I would expect pain for both legacy companies. But typically the hire up you go the more lopsided the attrition gets towards the company which was bought.
The real question is do they know enough about the likely Viasat 3 impact to attempt to add on some additional general reductions to try to save more money. Those kinds of layoffs I would expect to be just general belt tightening which could target almost any group.
Most of those being laid off will be on the Inmarsat side.
Will layoffs happen on Friday or Monday with the Reorg?
Re-org is planned to be announced Monday per sources familiar with it.
Might wait for earnings release
Nothing Tuesday.
Marketing won’t be an issue if we don’t have a satellite to put new residential customers on.
Layoffs should start at the top this time around. There are too many horrible people in charge who do not know what they are doing or just do nothing. The company needs a better marketing leader or this will continue until it sells.
Nothing Monday
You’re basing that on what? Conjecture?
Monday
The UK regulators won’t be happy if some Inmarsat people are laid off.
Viasat and Inmarsat are one company now…
Severance is poorest of the poor. 1 - 1.5w/yr served compared to Qualcomm's 3-4 w/yr.