We all know ELT members do read this message board, and this is a message for them. The disastrous GEM and 200% PRSUs were the last nails in the coffin. We all know and accept executives make tons of money, millions. That's fine; that's how the industry works. Yet it's not an excuse.
After financially catastrophic 2021, after the stock price plunging almost 50%, after failing a multiyear vision of workspace; after all that, you were happily rubbing it in our faces that you negotiated 200% PRSUs for yourselves in this deal. As for the rest of unlucky us, who busted their as--s for years to execute on constantly changing visions, who were paid under the market as it is, we are getting nothing literally from the buyout. Even worse, we are losing our income with no RSUs in the future.
I will be the first to admit there is a lot of blame on product management, engineering, and marketing for failing our goals. But some of us worked incredibly hard and performed exceptionally well. In the buyout, treating such employees like this tells you everything you need to know about how much "people are appreciated at Citrix."
Here is the message. In the next few weeks, if you want the business to succeed upon the deal closes, you have to find a serious financial incentive for people to stay, a huge one. If you don't, on April 1st, you will see the largest exodus in Citrix history.
9 replies (most recent on top)
ELT = Executive-Less Team
From now on, the name ELT does not fit. There was no leadership in the infamous GEM; there were no leaders. There were executive managers and possibly even efficient ones, but only managers. They do not lead people; they merely manage them just like any other company's resources. EMT it is.
Analyst reports say it all, re: Citrix:.
...Vista and Elliott plan to combine Citrix with existing Vista portfolio company, TIBCO, a provider of legacy enterprise data management applications. That my friend is called tying two bricks and throwing them down the well!
Wow, this post summarizes exactly how I feel. Watching TG’s face when he gloated about the PRSU payouts made me think “WTF man, know your audience!” Only the higher ups get PRSUs. The majority of us get nothing or very little RSUs. Accordingly, why gloat and feel so accomplished by what you negotiated that only benefits a handful?
As for retention, if a PE firm acquired you, all they care about is making a big profit while reducing costs. Don’t expect to get big retention bonuses. Also, for those who are lucky to get RSUs, think that once this deal closes those RSUs are gone and will never reload. Yes you are likely going to carry over some unvested RSUs according to the FAQ, but those will never get reloaded the next year. Your pay will suffer significantly. So, do yourself a favor and start looking for better opportunities.
I highly encourage my fellow Citrites to heed the call here. Revenge is a dish best served cold, and in the days that I have left on deck — I’m only dedicated to making sure they choke on it.
Hey! At least they executed on something, right? Was wondering when we’d see them not shoot their feet on anything they try out.
Then again, all they had to do was follow the script of the M&A teams, so I’m no sure how much credit we can give them for performing to the expectations of their new overlords
Mic drop! 🎤
This place has turned into a swamp. I think there should be a law in place where ELT should be financially responsible if a company does bad and they should pay back te money they do not deserve. Sc-m bags.
Rate of attrition is already astronomical and it’s not slowing down. I have always worked extra hard and was even recommending people to join or stay even after the layoffs. I’ve seen them before and didn’t think much of it. The lack of vision, the lack of purpose, and now the lack of compensation and lack of respect. Before the GEM I was maybe 50/50 staying but now there is a 100% chance I’m out of there after many many years. Maybe that was the intent. They’ll save more $ on severance if more people leave. If so, congratulations, well done.