Employees received announcement of layoff, sent home and instructed to work from home. More instructions are to come.
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@d3c if you read the SEC investigation report it’s very damning. There were a lot of senior management that knew what was going and could have stopped it on but not a one did.
The only reason this was discovered was because a low level employee in Europe called the hotline to report it. That’s how all this started, it sure didn’t come from anyone with authority.
@d33 - The settlement was expected since the joining of the "settlement expert". Will have to see what's next!
@OP @bqw let’s see how many senior execs they let go once the SEC investigation is settled. It’s obvious based on the investigation that there were more than 3 bad actors. All the BU Presidents knew the scheme going. And even the Corporate Controller knew too but still signed off on it. They are already kicked the Corporate Controller out of the finance organization to HR so her cloak of being untouchable is almost with the settlement.
@r0 Top heavy org, filled with good ol’ boy network, spinning out of control. Eventually, it will topple. Last few layoffs will prove to be unsustainable.
@ep Completely agree. No transparency in how layoffs are done: no performance reviews indicators, everyone just trying to save their job while ditching others. Completely chaos, dishonest senior execs. Senior execs spending cash like world's gonna end tomorrow, lot of scandals and as rightly pointed out, people who actually do the job are getting kicked out while execs filling their pockets.
Career is a joke here. Kick out most "decision makers"
@gw Who knows? Regardless of what they claim, no one will believe it after they previously stated in Q1 that all layoffs were finished.
I don't think anyone disagrees that cuts need to happen, but they're making them in the wrong areas. They need a total reorganization in HR and Nutrition. It's crazy how many layers of management there are: a director reporting to a senior director, who reports to a VP, and then a senior VP. It's just crazy.
This is terrible to hear. Do we know if they are done with the cuts, or can we expect more before the end of the year?
@e7 There have been significant layoffs across North America and South America, particularly affecting white-collar roles in IT, finance, and the 1ADM program — essentially positions that can be outsourced to India.
Management has completely lost credibility. After assuring employees in Q1 that layoffs were over, the company has carried out two more major rounds since.
No one seems to understand the company’s strategy. While critical, hands-on employees are being let go, senior management roles in Chicago continue to be filled — often at higher costs. It feels like the people who actually get the work done are being replaced with more “decision-makers.”
Many of us are questioning why Juan is still CEO. His tenure has been marked by accounting scandals, failed acquisitions, and multiple safety incidents — yet he remains in charge.
I never thought I’d see the day when Bunge would be the better-managed company, but unfortunately, that’s the reality now — and it’s not even close.
Any idea how many roles, what departments and geography?