Let me get this right. In a time where we are struggling as a business, leadership decide to all fly around the world to Nashville and record a load of videos for a virtual summit…. Nothing more to add.
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A split of Wrike is likely in the works with Netscaler soon thereafter following PE acquisition. Most stupid acquisition and the final straw for Citrix core business. Agree someone should get fired for it and it should be poker face CFO and his puppet Corp Dev exec who wanted a big play to boost their personal egos.
Yup, split likely coming soon into three parts, if not all at once: Wrike, back to a PE, Workspace, into a big slow software house like Broadcom where they can milk it for another 10 years after trimming the overhead, and the good old NetScaler, into another either PE or merge with a PE owned entity to capture the cash flow as the revenue inexorably winds down in the face of cloud. And strange as it may sound, shareholders will possibly make 30-50%, because the Wrike part is worth a lot more than what it is under Citrix. The losers will be the employees that worked hard to deliver against a bad or zero strategy.
Whoever got their golden ticket should rejoice. I’m still on the inside (not for much longer), and it’s clear that absolutely nothing will change until every single “leader” at the top has been replaced. The only positive thing I can say is that Elliot’s CEO puppet has organized the company so it can be purchased by Vista & Elliott. I’m expecting the transaction in Q1.
Remember Citrix has done smoke and mirrors before… Everything is great let’s acquire Wrike then hundreds loose their jobs. Someone should go to Jail for that decision. It was wreck less to acquire a company when Citrix wasn’t stable. You know Wrike leaders are great sales people and Citrix is super d-mb.
Completely agree that the announcements of people leaving on Linked is insane! There is no future at Citrix.
To be fair the Nsahville hotels and centers were probably booked a long time before the decision to take the FKO virtual was made. I doubt that a full refund was given so it could have been that the hotels (and probably flights were already paid).
Plus, this is probably insignificant compared with other financial decisions that have been made.
They need to make it seem like it’s alright for the new employees while the ship is sinking. I’ve seen probably 10 people today on LI announce they were leaving from the sales side - the attrition is insane.
This really is the absolute stupidest thing I've ever heard. What a waste of money and time....mo--nic decision but hope they're enjoying their trip to Nashville as they post pictures on FB and LI. What a joke!
They’re the “feeling ELT”.
If it “feels” Good to do, then it must be good to do.
Turrible biz sense.
Glad I got my golden parachute
Citrix makes the d-mbest business decisions…