I feel sorry for all the employees of HP. Our leadership team exists only for the short term goal of funneling money to Carl Icahn. The office is ruled by apathy and despair. Don't need large layoffs because people are quiting in large numbers every week. If this deal goes through you can hang this sign over your office door: Abandon all hope ye who enter here.
Go to the Xerox thread on this site and see for yourself.
If this deal goes through you can hang this sign over your office door: Abandon all hope ye who enter here.
Post ID: @11TIRGmY
Office door @ HP = the tiny gap in the cubicle wall.
A company can't make a major announcement that would affect the stock price until after the stock market closes for the day.
Copied from another post:
What is more concerning is the Xerox ordeal plastered all over every major financial news source in the US.
Early this morning Enrique sent HP-wide email ignoring the news and telling employees to do the same... and to get back to work.
Then 5 hours later HP acknowledged recent communications with Xerox and yes, they have received a buyout offer.
So Enrique is either a blatant liar, or he is woefully incompetent and out of touch. Neither option garners much confidence.
So Icahn hopes to pull another TWA kind leveraged buyout stunt. Not like TWA is really prospering since then, but what does he care. It is a 27:1 margin for him which should be fine provided that the "major bank" whose name is likely starts with Goldman and ends with Sachs is only too happy to finance. I guess it becomes clear why Dion left. Wasn't too eager to land in the big house. The Spanish simpleton will learn it to his peril just a tad too late.
Xerox lives to steal from its employees. The paltry 401k match for 2019 will only be given to people who are still employed in January 2020. If you get fired, laid off, re-badged or leave, you get nothing for the year. Our medical plan can't cover any less. Monthly premiums are expected to skyrocket. Earned vacation has been limited to 4 weeks for all employees. Severance is one week for each year worked capped to 12 weeks. This is expected to drop to 8 weeks.
HP brought this on themselves.
Naresh Shanker is the Xerox CTO. He used to be the CTO at HP. He announced a new IT strategy called Reimagine. All IT systems are being redesigned from scratch, clean sheet if you will. Then he told all IT employees to think about the company they'd like to work for next. Basically, they will not have a role or job in the new initiative.
Then there's Research Triangle Park in Raleigh. Big plans to hire the best and brightest to take on the new roles. Only problem is no one wants to work for a dying company. Those positions are going unfilled. Xerox benefits and pay are the worst in the industry. Smart young people graduating from college aren't dumb enough to board the Titanic while it's sinking.