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Reshuffle with MrG now the CTO and confirmation of CFO‘s departure from companies house
What are you talking about?! YF left in November, and it was certainly not voluntary, nor was it announced that way.
And now the de facto head of the security "division", YF, has been binned (says she left but I doubt it was voluntarily).
The writing is on the wall now folks. Synamufti are trying to replicate what others have done 5 years ago (wayyyy behind the curve) and wiping thier hands of their existing, and largely hardware based, security device customers.
The Hobbit is truly clueless. GO NOW!
Looks like BP is an avid user of the layoff.com . Only he would try and defend his poor record
In light of his atrocious handling of our debt refinancing, firing BJ would have been a no brainer to any board member or C level. If you're right that he left voluntarily and as a surprise, well, there goes any possible chance of my being impressed with PS finally making an intelligent choice. Sad, really.
Synamedia is at a macro level comprised of a cash cow in BT segment (but declining), but from where I stand, this cash hasn't been reinvested appropriately in MCS. We've not understood where the products are in the life cycle, and flexed our strategy accordingly. What we have done is spend $000s of millions in MCS, but not understood the opportunity and/or had our products ready.
BP is the only person who has been making these arguments consistently at ELT level, hence why I say the lone voice of reason. BP understands that hard choices are necessary, and is not caught up in the hype about the opportunity.
Unlike YF, JFP and others, BPs departure has come as a surprise to PS and Permira, and he is moving onto another role right off the end of his tenure at Synamedia. The others I mention were clearly told their services were not required, which should tell you what you need to know
This came out last April, perhaps the outlook has gotten darker since.
https://www.fitchratings.com/research/corporate-finance/fitch-affirms-triton-uk-midco-at-b-downgrades-first-lien-debt-to-b-rr2-outlook-stable-10-02-2022
Wait, someone actually believes that BP was the voice of reason? After you admit that he had no plan, just hopes and prayers and thoughts?
BP and his lap dog, CS, we’re the architects of the plan to replace all of engineering with the lowest cost engineers they could find elsewhere in the world - regardless of skill set or experience. The plan seemed to be working during COViD when we could pick up good engineers in certain parts of the world for a fraction of what they were making previously. As soon as jobs returned to that area the plan blew up as those engineers were able to find jobs making twice what Synamedia was paying. BP was a circus monkey with one lever to pull - “layoffs”.
BP was also the one who switched to using EBITDA to report earnings - a questionable practice because it does not account for debt capital. Warren Buffet will not invest in companies using this reporting method due to the increased likelihood of fraud. BP used EBITDA to make the financial situation look better than it was.
If they try to get away with not paying the bonus, then the plebs should get together and bring legal action. If it causes the company to go pop so be it. I suspect Permira won’t let it go out of business. If they do so be it, they will be the big losers!
The people that left have had their bonus paid despite what we have been told. It was beneficial for the company to pay in this way as to save $$$ in tax.
The CFO is the only reason we still have a business. The decision to defer bonus from Oct to Nov was on the premise that shareholders would contribute more than they did, allowing bonus to be paid after the funding was received. The Nov date came from PS as he was confident Permira would put in more cash, but he got his hands burnt when they didnt give what he asked for. They gave us the min., which came with a lot of strings attached.
BP has been for a long time a lone voice of reason in an otherwise excitable yet unimpressive ELT of idealistic.
Years of poor choices, pursuing products with no future and then a strategy of trying to sell these to anyone and everyone via a bloated sales organisation. These are reasons we are in this mess.
“Synamedia is that rare breed – a large, established company with a loyal customer base combined with the ambitions and agility of a successful startup. I am excited to join the leadership team as we take the business to the next phase,”
Bijal Patel after being hired in 2019
I think the CFO is the reason you don't have your bonuses.