Somehow I think that if the leadership made just a tad bit better decisions, the situation here would've been incomparably better, don't you think?
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or are they slimming high-priced headcount and bloating the books to make the company ready for sale?
An inept CEO who has systematically mismanaged this once great company, makes millions the day he dumps the rock stars of Blackbaud. And a feckless Board, complicit in this duplicitous game of callous destruction of those who actually gave their all… How do these corporate thugs masquerading as “leadership” sleep at night?
Just gotta say it, don't want to but just gotta. Too fed up to not get this out. And this may be long.
Fu-k the Blackbaud leadership
You have just turned countless families lives upside down, again! Great job leadership, buy and sell in the recent filings ahead of the earnings call that you essentially laid 200+ off at.
Fu-k you leadership team who don't seem to care about their employees. If they do it doesn't show. Fu-k your guaranteed millions in compensation while families rush to fill wage gaps, pay for college and groceries. Fu-k you for making so many families scramble to figure out how to pay mortgage and health costs. Fu-k your holier than thou our company works for the good. Work for the good, that's a great marketing bit. You are no different than any other corporation masking as one doing good for the world of non profits. You are not a non profit doing actual real good, you just like to make pretend you are like a TV doctor. You are a for profit company where executives hide from their decisions behind an HR wall. Not taking or answering questions. Emailing layoff notices like a bunch of jack offs during an earnings call for wall street. Not even decent enough to have managers tell each and every person affected in personal calls. A company working for good would have more decency but again it's clear, your not working for good your working for shareholders, and fat pockets. This shouldn't surprise anyone, after all a companies job is to make money right? If they don't make money their are no jobs right?
Sure
However, there is making money and balancing your bottom line with corporate responsibility to your employees and community. Then there is greedy hands lining pockets making money. How many more lives will get put in ruins to squeeze every last penny. How many more layoffs will be coming to meet stated goals. We all know revenue and profitability are not growing fast enough to reach stated rule of 40 goals by 2025, you can see it in the earnings it's not hard to follow. So how do you supercharge that, with layoffs. Coincidence the CEO contract comes due in 2025 and now someone wants to fast track rule of 40. We all now assume there will be cutting headcount again. Cutting headcount is easy when you have a contract and it's not your head.
It's far harder to innovate the next exciting product line to create actual growth than it is to layoff. Why bother innovating when you can make bottom lines look better for wall street just by cutting some heads. This company has innovation issues so much that they buy other companies that innovated to gobble up competition because they can't compete. Then they turn around and layoff under the guise of reorganization and removing duplicate roles. Again the easy way out.
One day it may be an executive leaderships turn but it won't matter. Executive leadership making boat loads of coin now. You won't feel the pain an average worker with 2 kids and a sick spouse feel because you are lining your pockets with millions. Ruining lives in your community and around the country for corporate greed. That's all it is, just greed plain and simple ole greed. And while I am not surprised I can for sure be pi---d.
Board of directors it's time to take notice of how the company has lost its way. It's time to take back the company and make it the beacon in Charleston and the non profit software world it should be and not the pariah it's becoming. It's time to do good by your employees the actual rock stars of the company. The ones who get up every day trying to better the company, their community and their family.
It should be clear your leadership team no longer serve your clients or your employees. They serve wall street earnings calls. Why else announce a reduction during an earnings call.
Then we have that not so small monkey hanging around. A private Firm with lots of deep pockets that started sniffing around. Buying millions of shares of ownership a percent at a time. And oh no we can't have that.
In comes the poison pill.
The poison pill language adopted is to protect those who own loads of shares not prevent an actual hostile takeover. A private firm with pockets that damn deep isn't gonna get sacred by a poison pill. They have seen it before. It's a blip to their plans. They have $70 billion in assets they could buy a company with a covid poison pill in force.
Is it possible folks didn't want a company buying too much ownership share because then they might lose a little. So now there is a poison pill to insulate valuable shareholder stakes.
Everyone can see where this is going. Someone got spooked a takeover was inbound and they would lose their cash cow. That takeover is coming, the poison pill language only slowed down the inevitable long enough for folks to protect their pockets while they drool at the idea of making millions is share payouts when the company gets taken private.
Stay salty folks get their feet to the fire.
They only care about making bank. Customers and employees be damned.