No Names, only Titles. Who is gone?
17 replies (most recent on top)
VP of Talent Acquisition
VP of Global Compensation and Total Rewards
The sheer amount of VP and SVPs in this company is still staggering even after this round. Barely made a dent.
Next is bankruptcy. Look at the financial statements, debt of $600M is coming due, suppliers are being paid at over 100 days from being invoiced, the company is looking to do leasebacks on its real estate for a quick infusion to pay the next few dividends. We know executives are overpaid, but not enough to overcome the extreme revenue decline and the fixed costs of running a manufacturing business. Forget about having money to scale HAMR. This was all CEO and CFO mismanagement.
after all VP and SVP is gone .. the next is Senior Directors???
The head of Data Science Group, and a big chunk under him.
My coworkers and I think this was a pretty d-mb move (probably KF's idea). We have had many success working with that group, and we don't have the expertise or the bandwidth to continue those efforts.
Getting rid of all these executives is the equivalent of crashing the plane into the ocean. There are survivors but the plane is finished. There is no roadmap left, 30 TB is not going to happen, and STX cannot invest the needed dollars into capex to scale HAMR if it did work. With no new products, maybe the company can be sold for $1-2B for some patents, dwindling cash from existing products, and real estate. The fact that BPM and BE have not been touched simply means they need the resources to package the company for sale, which means getting rid of all waste and process people might be useful, though not the SVP and VP.
Do you really think these executive departures were unexpected? These were fat cat parachutes not typical layoff house cleaning of ineffective management. They saw that light at the end of the tunnel and stepped off the tracks to avoid that freight train headed Seagate's way. Good luck to those remaining as the future looks very bleak.
JF
All the VPs for HDD product dev gone?
Then, who will lead HDD dev.? No more dev?
SVP of product dev SSDC was already changed to Snr Dir prod dev and analytics. So impact not as much.
What abt the Queen of business excellence?
The mentioned SVP of Product Development is aka Head of Data Analysis Group and yes, was let go.
I hear our nonfuncational SSD group is still around. Why?
Not CTO, he is inner circle
VP of HDD Engineering LCO
VP of Global Supply Chain Planning
regarding above - SVP Product Development = CTO ? .....true?
SVP Marketing
SVP Product Development
SVP Systems