Seeing lots of red on the last earnings report. If I performed like that, I'd be out the door. This guy has hurt 1000's of workers in the US by moving their jobs overseas. All so he could save some money and make his parasite buddies on Wall Street a little richer and pad his bank account to over $60M. I would pay big bucks to see this guy get walked out the door with his little cardboard box filled with his personal belongings. Not that he would suffer like the rest of the US employees that got laid off and their families.
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The CEO made lots of bad decisions in his time and will continue to do so. He should go back monitoring restroom usage.
Using the dividend to prop up share price when you're running out of cash and have to sell real estate and borrow to pay your bills - that's a house of cards that's not sustainable. Execs just trying to buy time to ride out the tech recession and to sweeten their parachute if/when they have to bail. Sorry employees - only a handful of parachutes in this plane and none of them are for you! The good thing about these downturns is that it reveals the true character of leadership.
When was the last time STX upper management predicted anything correctly?
Mosely should have been canned years ago. He doesn't say stupid things like Watkins, but he's proven incapable of anything other than status quo thinking.
Lower the dividend so you can pay off debt to hold on during tough times? Perish the thought. This was a decade or so ago, but I think it was Luczo quoting Shugart saying businesses don't go out of business because of share price, they go out of business when they run out of money.
To their credit, WD cut their dividend and instead paid off a lot of debt. Their debt and ours is similar now, but they have SanDIsk to show for it. What do we have?
Do you want to know what management thinks of us lemmings? It is when they let go of people right before the holidays, and with a horrible severance to suck on.
Nope, you are not being too harsh. I think the posters prior alluded to something that makes sense. Why would you not cut the dividend, even just a little bit when you are running out of cash?? I think there is a major shareholder who is holding the BOD hostage over the dividend and they are willing to slash jobs, sell buildings and run up more debt to keep this shareholder happy. Such a high cost for nothing more than greed. I quit recommending STX to college grads years ago as it's clear the company has ZERO loyalty toward their employees.
Yep. While they collect millions in compensation for themselves making zero sacrifices in “tough” times they failed to forecast, they look with distain at how “expensive” middle class US engineers are and try to cut them with no regard to how they contribute. Let’s just say there’s no patriotism or shared struggle or ethics with US workers from the top at all. Any layoff is actually their failure but they can’t see that. Over hiring and mostly non-value add positions is on them. And the funny thing is they think they are doing a fantastic job and deserve even more compensation. Am I being too harsh?
Goeckeler Swap
Wife Swap is an American reality television program. In the program, two families, swap wives/mothers – and sometimes husbands – for two weeks.
As we are family at WD and Seagate, shall we do a CEO swap instead?
Take Mr Goeckeler for 2 weeks, a WD will bear to have Mosley for 2 weeks.
Nobody might notice anything as they might be on the same golf course.
This is a remarkably incompetent group of c-suite dwellers and there's no way they're going anywhere. FFS, they gave the CFO a $9,000,000 bonus last year for buying stock back at the highest share price and market cap it's ever been!!! Sales dropped by 50% and they couldn't see it coming! They are keeping someone very happy and it's not the workers or the common share holders.
Never gonna happen. As long as he bribes the noisy shareholders with their dividend, they will not be asking for his resignation. As far as moving the jobs overseas, that ship sailed when the King gifted Al Shugart with the land where Teperauk is located. Later it was Luczo and Watkins who cut deals with Ireland and Singapore govts to move engineering functions to their lands. Seagate hasn't really demonstrated any commitment to US workforce in years and the negative vibe upper management harbors over high paid senior engineers is disgusting. I suppose I should put all this in my next mini-useless survey.