Nothing changes quickly. Or does it? History with private equity.
35 replies (most recent on top)
Why bother.... follow the example of the leaders... invent some c-ap project to do, spin around and blame others then ask for a promo and bonus. Step on the heads of id–ts...
Success.... it not about a new product. If you think that ... you may be limited...
So please stop posting about changing the world...
The world belong to those that screw others.... while smiling.
Any news on the old guard in Melville and the incompetents in Austin (formerly Atlanta)?
Are things going to be serious about cleaning Austin ?
@aajc
Not about accountable... 75% of the current management is made up of people who are just focused on plundering the company.
Backstabbing and incompetence are way above “normal”.... so this points to a culture problem
Unless you get rid of those people from Austin, GV, Melville, banagalore - you can change Cxx every week - won’t work.
If you got diarrhea ... changing underwear every hour won’t help. Need to fix the core problem!
This company does not need some super innovative leader. That didn’t work out with the previous CEO, P&S leader, and VP in Engineering. It needs a parent with a spine that holds people accountable and makes tough decisions when need be.
Come on guys.... let’s the gang get rich in the spoils....
Just what I would expect...lets put grandpa in charge of a company that hasnt innovated or had a decent product in many years. He certainly has the experience...not. My grandpa cant even work the remote control and hes a year younger than this guy, he's going to get us to a place with cutting edge tech and software to compete with the googles and Amazons (nest, ring alarm)...lol. Can he be successful?...Depends (like the adult diaper hes probably wearing).
This (predictably) will be another in a long line of failures until pieces start to be sold off shortly. Just another incomptant cashing in until the bank account is empty and will walk away.
What does de-list mean - stock goes to zero? Sell ADI and do what with the proceeds? Or are you suggesting a full take over and then they break it up once private? Read the credit docs closely. It is going to be very hard to separate the two entities and the Honeywell liability travels. Not sure why anyone would want ADI + a share of the honeywell payments. I think best bet is restructuring, sue honeywell and then break it up.
@7dzk. That's the way I see it heading as well.
Sell ADI and then delist Resideo. Let a PE handle the turnaround in the next 3-5 years. He has his own PE firm and has a ton of contacts that will pick up the business for the channel dominance.
It makes sense why he refused stock and went for the cash as there will be no stock within a few months when they delist the company.
I like the current CFO. Any color on comments for why he is inclined to not stick around?
Interim CFO contract expires in June after the annual meeting. Not sure he wants to stick around.
Only incapable buff00ns come here and post r@cial slurs
CEO not having a lot of stock is a flag on the play. If he was brought to turn company around then equity should be big part of his package. Interim CFO also has no equity. Signals that resideo is not going anywhere positive
@6tgr,
Agree on cash. Even that guy refused to be compensated in stock. Stock is worthless!
So sad to see people contantly hoping for things to change. It won’t because we keep doing the same fundamental mistakes. We keep spinning while the people with nicknames here continue to make sure they stick around with money... and everything they do is to ensure they get it - at any cost to others. Let’s see their nicknames .
@6dzs - when this business was part of Honeywell they used to show senior leaders the door at the age of 64. Now as Resideo, the board brings in people at 64 as a "fresh face" to try to turn things around. Obviously they swung and missed the first time, so maybe the new CEO will bring people in rather than rely on the people that destroyed this business as part of Honeywell.
New CEO is 64. His compensation is mostly cash not stock. If he was really a turn around CEO wouldn’t he and the board want his pay in as much stock as possible? Seems like someone to come in and guide the company through a sale or restructuring. More people need to know how bad the board and executives have been. Total BS while employees get screwed
AI the race car driving ACS president who bought golfer Justin Johnson's Palm Beach house after leaving Honeywell to become a Private Equity guy. How could anyone accuse him of de-funding the legacy business to make his bonus?
Anybody that got promoted in Melville under the former CTO should be shown to the door. Give them the money. It’s better to loose some $ than having them continue to disease the company. Same people that brought us down keep bringing us down
- This company is insane.
The CTO “adviser” that we are paying millions to help us find a CTO was a looser that with the president of ACS Alex brought everything down. That when we stopped actually investing in the US and sent everything to 3rd world countries. And here we are. The fact that he is back show how entrenched the old guard from Melville is. All the people that are 5 years away from retirement are in for the $ and will screw anyone that wants to change this Corp for the better
ACS = Automation Control Solutions. Honeywell business unit that Resideo biz fell in before it was split into HBT and SPS
What is ACS? Who is that guy that will eat more gravy sinking us further?
Who is the new CTO?
First of all Everyone in Austin knows about rezi and how screwed we have been. Why do you think none of the directors there quit? Because nobody will hire them!
It is know in the market how desperate we are. So losers flock to rezi with absurd demands and we agree. That’s not just the CEO, but every level! Be happy the guy wasn’t a manager at a McDonald ... but hey they guy will eat gravy for a couple years and we will do another round
And to pay this we will lay off the little soldiers . Can’t sell a sh– product? Blame the product manager/ director but don’t blame the guy above ! (Absurd)
As for the CTO... we are paying million of an ex Honeywell that crashed ACS years ago... why not? Another gravy train. We learn nothing. guess who brought him in? The old guard of Melville so they can swindle together ....!
sad!
We had to agree to use of a private jet to land a new CEO. We aren't attractive apparently.
This is absolutely ridiculous!! This company is less than 2 years old and someone should be held accountable for how much we have spent on executive compensation for the original CEO as well as the package for the new CEO. In addition to CEO compensation, how much was spent on building and relocation to Austin plus all the compensation and severance on executives across the board for bonus and severance? All of those costs should be deducted from MN's golden parachute and if that won't cover it, he should be invoiced. This is beyond just poor decision making and hopefully someone is looking into it.
Company is going backwards and heading back towards a Honeywell culture. So much change in the last 19 months since the spin. There is no recovery from this. Only a sale for parts. Have to get out quickly. I’m sure more layoffs are coming to pay off that $2M CEO cash bonus.
Plans to cut even more employees to afford private jet. Sounds about right. Resideo logic 101
We are so screwed ... another one of those fat cats...in Austin we want fleshligth for CEO!
People should read the 8-k on the company website.... he is getting a $2mn cash bonus and unlimited use of a private jet for work purposes and commuting?? Crazy...his comp is also weighted towards cash not restricted stock units, which is interesting.
Fact that he was at his last “CEO” job for less than a year is a huge red flag
Came from a company with 600 people and a history showing career regression. Not exactly built for scale. Guess no real CEO wanted the job.
Underwhelmed. sigh
Where does he live and if it's not Austin, how quickly will he move there?
Why didnt Rob Ryder want the job? If he leaves when his contract is up that is not good news. There is also a new activist investor, Starboard that took a small stake in March. I imagine they are underwhelmed by this candidate.
63 Year old executive that left his former company after only 9 months. Perhaps no one else would accept the job? I would have liked to see someone promoted from within or an ex-Honeyell executive returning.