Anyone know how close the company is to the $2b savings target?
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@na+1jm5k1jsq it's more unfortunate that upper levels of management at CVS also lack skills. Under whose fat, balding, and low IQ CFO leadership did the earnings guidance debacle occur (which tanked our stock and set off spastic cost cutting measures)?
TC was a key decision maker in moving hundreds of people to DDAT. The list was enormous. The unfortunate part is so many people do not have the skills to compete in job postings based on their tenure here. Couple that w8th Meta and CMS firings, a good manager would be telling people to start looking.
Culling the herd....
The people downvoting the guy talking about Finance and Accenture need to wake up. It’s a project called “project lotus” internally and they are all over the finance org looking at things to “transfer” to India. To cheap Accenture labor in India precisely. David Chavez. Tom Cowhey. Steven Millhouse. If you see these names and this project name, your area is being looked at. If you’re in any sort of Finance Operations role, you’re on the chopping block. It’s bad. And the Accenture people are generally awful.
I believe you. Accenture is in the consultant game. It should be fairly obvious that CVS would move to one or two consulting companies to save on costs and have a clear bottom line on outsourcing, and not just accounting.
This keeps budgets at a VP level and removes signing consultants based external relationships which has been an ongoing issue throughout the company.
To the people down voting my post: it's not speculation. The CAO and my VP explicitly mentioned that other departments outside of controllership are being sized up for Accenture outsourcing.
Out of my backside ...... My store has had 672 hours less demand YTD already. 9000 stores, 60 hours less a week, let's see that's 28,080,000 hours. Let's be nice @ $19 an hour that's...... $533,520,000 "savings" from the stores. Oh and our part of the business made plan in 2024. So yeah, we are a 4th of it right there.
The largest org is under Tilak at this point in terms of size.
There are more layoffs planned. A week ago the CAO announced layoffs (jobs going overseas to Accenture) within the controllership organization. The controllership layoffs are finished, as in they have been communicated and the affected employees are currently training Accenture employees. However, leadership is also looking at other accounting/finance jobs outside of controllership that are "ideal candidates" for Accenture outsourcing.
The future of this company is not looking very bright. Leadership is unable to drive earnings by managing revenue so they instead focus on expense... and go with the lowest of low hanging fruit by appeal to outsourcing.
It’s a bright future ahead
That was justification. No one who was laid off would contribute to that amount. To save that you need to cut at VP levels and sell realestate.
- 4 billion to go......
Who says we have to meet that.
Current leadership didnt commit to that.
The people who did were walked off the plank.