What’s next?
This company is tanking. Get out while you can
15 replies (most recent on top)
As someone that was recently let go from OT, and someone that has been in IT/Software Business for the last 20 years, I hate to be the bearer of bad news. The "Camelot Years" in IT/Tech- more specifically Tech Sales are over. If we're being honest with ourselves, they were over right before Covid. That's when the veneer was removed, and I saw where it was heading. Are there still great IT Sales jobs out there?! Yes! But not for long. Quotas continue to increase to manage earnings. If you don't hit your new quota, you might last a year longer- definitely not at OT.
I've left high tech sales, and moved to a vertical where there is always demand and the take home can be as good if not better than IT.
OT will continue to be a dumpster fire. MB will continue to try and get as much blood from the turnip as he can. And sell ADM?! Let's take the HPE and MF cash cow, and sell it to the highest bidder so we can raise cash to continue to fund the burn rate. Id--tic!
But when you can't sell anything to your customers the only way to keep those EPS high- cut costs and sell off assets.
The fact the board is going along with this should give every investor and current employee major pause!
No more free coffee or any supplies. Need a pencil go to Staples and pay for it yourself. Toilet paper will be dispensed at 5 cents a square and Mark will say it you were an AI bot you would not need coffee, pencils or a restroom.
Based on HP and MF past actions, OT will most likely starts to cut down on office supplies and even pot plants next. If that is not a sign of a company in trouble, I don't know what is.
Hope the board ousts Mark and puts in a really leader like Paul Duggan that cares about people, performance and AI.
Out of touch executives don’t have to think for themselves since other people do the thinking for them and they simply ignore criticism from outside of their social circle. Therefore, they never exercise their brain and they don’t have empathy for the common employee. Mark once said we should all avoid using fossil fuels and he is doing his part. My guess is that more than half of the employees at OpenText could not afford the cost to buy and maintain an electric car… maybe he should make a point to not fly in a private jet and concentrate on sending emails to employees empathizing with them rather than talking down to them, explaining his social views, claiming to be an industry expert and telling everyone what is good for the company. Hope they find a new CEO soon for the sake of everyone at the company.
Not likely they beat or even met consensus if they are taking our benefits away.
The analyst must be crying BS on any guidance coming from pathetic leadership
Wonder what this is about… if it was good news not sure they would delay the earning call.
Give a new meaning to Mayday!!!
Possibly Mark will retire??
https://investors.opentext.com/press-releases/press-releases-details/2025/OpenText-to-Report-Third-Quarter-Fiscal-Year-2025-Financial-Results-on-Wednesday-April-30-2025-and-to-Host-Conference-Call-Thursday-May-1-2025/default.aspx
In a new approach, OpenText CEO & CTO Mark J. Barrenechea, and EVP & CFO Chadwick Westlake, will host an earnings call webcast the following morning from the OpenText Investor Relations website.
When do the benefit cuts take effect?
Perhaps CDO was running short on the salaries for the new VPs and they decided to cut the benefits to make up for the shortage :)
Canadian journalist here. Contact me on Signal @madisonmcla.12 if you can share any info about the layoffs or AI/benefits memos.
Its only for Canadian employees atm. Dr-g coverage down 5% and life insurance down from 2x to 1x. and Major dental 80% to 60%
Which email is this? I don't see anything about benefits in the one from the 24th.
Seriously they have come too low to this level of reducing benefits. AI was the excuse for layoffs. What is it for reducing benefits?
what are they cutting?
When I saw the email, I thought it would be some good news, but instead, it’s about cutting the benefits we’re getting — the last thing anyone would want!