While management gets richer and richer
20 replies (most recent on top)
Well the share price says it all - after all the lay offs its down to $20 + USD. How much longer can this business last?
Typical. I have worked with some of the prior management team that was running Everbridge. No strategic thinking, no planning skills. One gets in and brings his cronies along for the ride. They fill up their pockets until they are exposed and the lower level folks pay the price by losing their jobs and the cause of the problem "leadership team" just moves on to ruin the next company. Just check out their work history/resumes.
No one will love a company like its founders, everyone else who took the helm are egomaniac professionals who are proudly good at being guided by the stock market rather than creating any real vision. There are no visionary leaders today, no one has articulated anything beyond Imad's vision for the past 5 years. No vision means no leadership.
Just wanted to point out that Vernon Irvin was selling off his stock before he was let go earlier today (11/14). Must be nice to be the CFO and know when to sell your stock because you know your company is about to sh-t the bed. https://www.americanbankingnews.com/2022/11/13/insider-selling-everbridge-inc-nasdaqevbg-evp-sells-4443-shares-of-stock.html
Based on Patrick's answer at 28:30 to cost and annual cost savings from layoffs in May vs Nov, Everbridge is expecting to spend $20 M in May to save $17 M in annual costs, while in Nov its budgeted to only spend $12M to save $27M in annual cost, this may indicate the latest layoffs cost Everbridge less money, aka poorer severance package compared to May. For example in the US, in the Nov layoffs Cobra may not have been covered for most laid off employees. https://seekingalpha.com/article/4554940-everbridge-inc-evbg-q3-2022-earnings-call-transcript
I've seen that some very seasoned loyalist people were let go and that just makes me so mad. So sorry this happened.
Someone said how they've been a dumpster for so long and that's very true. But we/I stayed because of my colleagues. If they did anything right back when it used to be good it is that they hired some awesome people.
do they have any severance package?
sorry to all those who were let go. with that said, that company has been a dumpster fire for years.
bunch of management got hit as well. Even a few of the CXX levels
They're trying to make it more palatable for someone to buy them out.
Yup, disposable as well. If they want to fix things its time to lay off the SMT who put the company in this situation. Its sad to see it dying.
Also axed. Was there 3 years.
The all Bridger meeting was exactly what that Twitter video described, with a side of fear as they disclosed that not everyone had been informed yet.
So there was a slim chance you might be listening to the announcement and not know that you're also part of the layoff.
It was so sudden that we don't even know who's still here and who isn't. You go to message people on Slack only to realise they've been deactivated (meaning let go). Really great people too, who were good at their job and instrumental to others' or played a big role in the diversity groups.
I was there for less than 4 weeks and got the axe.
According to the "Decisional Unit" doc that was sent its way more than they're saying. 1100+ people
how about the severance package for those let go?
short version of the all bridgers call
https://twitter.com/yayalexisgay/status/1571937783802957824
Me too. Glad I had something else lined up. How many people got axed in total? I saw there was an 'all-bridgers' meeting this afternoon.... wonder what that was like :)
I’m also one of the folks that got axed. You’re just a number until you’re not. Whatever, on to the next.
I was one of the disposables