Johnson Controls: In July, the company resumed its share buyback program. In its last two fiscal quarters, Johnson Controls has reduced its workforce. A company representative declined to share more details on the layoffs.
Source: https://www.cnbc.com/2020/09/25/these-companies-are-returning-money-to-shareholders-after-cutting-jobs.html
Not surprising. After George finished destroying GE, the good old boys club dropped him at JCI to do the same. With the way they do things, expect them to become a manufacturing only company within a year or two. The age discrimination is rampant there and there should really be a criminal investigation. The pattern is clear, and there is no real oversight....they are 'too big to fail'
When a CEO/Board's personal politics enter the workplace, bad things happen.
Company stock at 10 yr high. Never cut dividend during Covid. Layoffs are a regular event. Moving jobs to Mexico are a regular occurrence. Cuts to retirement/401k last and this year. Customers are not happy with us. Beefed up collections Team is relentless to customers. Top leaders are heartless.oh And they will work you to death during Covid.
Shouldn't surprise anyone. Although many newer CEO's are rejecting the idea that shereholder value is the most important thing, that does not apply to George. He continues to be very comfortable sacrificing both employee well being and long term sustainability for short term movement in share price. IN the meantime, a lot of really talented people have either been let go or are leaving our of frustration and this will only make them less competitive once the economy opens back up. I wonder if he is using the money he should have been putting in employee 401k plans to buy back all these shares.