Nepotism is alive and well at Synamedia. The lay-offs would certainly make sense based on the financial situation of the company even though heartlessly carried out prior to Christmas by a company that allegedly supports diversity, inclusion but apparently not decency. Permira has refused further investment and insists the company must sink or swim. One of the inherent challenges faced by the "coal face" personnel is that Synamedia product and services are used as a benchmark by customers for the highest price one could pay.
A significant responsibility for the current incredible challenges should rest squarely at the feet of the CEO and CFO who seem content to pass the baton of failure to any-where/one except themselves and those they brought into their personal nepotistic circle. As examples, the CEO is completely out of touch with all remote teams and has demonstrated zero interest in do-g this, the CFO demands margins which for some inexplicable reason he cannot correlate to inversely proportional sales. Undoubtedly, Synamedia will retract from ASIA and LATAM prior to Q1, it seems the CEO's skill set is in demolition.
5 replies (most recent on top)
They didn't refi the corporate debt while the interest rate was basically ZERO for 2 bloody years but waited until Q3 2022 after all he-l broke loose everywhere in the world.
Nailed it. It didn't take a Nobel prize winning economist to see that interest rates were going to rise. Every man and his mangy dog locked in their fixed rate mortgages. WTAF were they doing. Agree that they should fall on their swords and let somebody competent have a go. To be frank the best case scenario at the moment is that one of the tier 1 buys the BT business and fecks off the rest of it, in order to secure their long term support.
https://www.cogitansinsights.com/post/synamedia-pleads-case-as-leading-connected-tv-technology-vendor
PS contended that nobody could forecast five years ahead.
…. all obvious from 2012 or even earlier
According to PS the, biggest challenge is communicating capabilities to new customers.
…. if this is difficult, pack up and stop wasting investors’ money
One key element in the new strategy is a focus on a much broader customer base.
…. all the large OTT / streaming customers have decided, sounds desperate.
Those two nimrods (CEO & CFO) spent $100m (educated guesstimate based on the similar sized company acquisitions in tech field) buying up random companies in 2022 when inflation was going berserk and global recession talk was brewing.
They didn't refi the corporate debt while the interest rate was basically ZERO for 2 bloody years but waited until Q3 2022 after all he-l broke loose everywhere in the world.
Great job, clowns.
I firmly believe the CEO and CFO should now resign.
Say more about the nepotism, that’s a new one on this hard worker