Nobody talking about this?
12 replies (most recent on top)
Maybe i am wrong but once the reverse split happens all the execs get their bonus. So even if the stock goes down to 10 that would make it 80 after the reverse split. Does anyone know how that works for sure.
The San Ramon office lost around 100 Predix Platform employees. Feel the "Predix" name will be shelved by the end of year
This is all to protect Larry's upcoming payout once he gets the stock price above $16.68. Since the bonus in December, the stock has jumped 25%. He only has another 25% to go to get it to the magical $16.68. He gets a huge windfall, as does Pat Byrne and his leadership team.
Nobody's talking because everyone knows this doesn't fit with Pat's Lean Success Theater (goals alignment, blah, blah).
They will do/say anything to get the stock to 16.68 - then leadership is going to be running as fast as they can from here.
https://inversezone.com/2020/12/29/unions-blow-up-47million-bonus-for-ge-boss-after-lower-stock-price-target/
At least Larry got his $46 million bonus.
https://www.newsmax.com/finance/streettalk/ge-culp-doubtersm-47-million-payday/2020/12/22/id/1002744/
Propel is a solid product with a gr8 team. I also believe they have many customers why on earth would they be targeted for layoffs ? GE keeps screwing its own customers.
Wasn’t Griddhit hard?
Entire teams were cut, including (but not limited to): PPC, Platform, and most of PaaS. Entire Propel also got the axe. There are also a number of Directors cut as well, such as the PaaS/Propel Director. This really indicates what future services GE Digital will NOT be offering in the future. Heard Support got cut down to 2 total. APM was cut as well.
No word on DataServices yet.
People need to speak up that they were "impacted", with the lay off. Please post the teams you know of. If you are worried about "tracking/IP address", then use a spouse's mobile phone and use it to leave a message or go to a cafe and use Private Browsing on your phone/table/laptop.
100+ and lousy severance package
Surely more details will come out in the days and weeks to come, but I estimate the cuts somewhere around 75-80% were cut.
Yes the cloud over this (no pun intended) is curious...
I’ve been hearing chatter about San Ramon. Looks like most of GE Digital in San Ramon got the axe. Cannot confirm as of yet.
Management is barely talking about it. All they say is that "some people" were impacted. No idea who, where, or how many. And since each team works in a vacuum, there's no way to know.