Check out the public filings on the Blackbaud Investor website. These a--holes made moves on February 13th and then got millions in stock given to them! Over $10MM between the people the on the public filings. Mike, Tony, David, Kevin (s), Jon. They need to cut good people, but they get millions the day before the announcement! This place is a joke.
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Word around the building used to be the ELT’s contracts have all their stock awards immediately vest to 100% if a contract is executed to sell the company. So imagine this…
Whether accidentally or by design, the board hands one of the region’s great business stories over to a pair of soulless, disgusting pirates.
These pirates embark on a quest to polish BB up just enough to make it a target. Slap a web skin on the products to make them look “modern” but don’t actually fix or integrate anything. Always look for the next acquisition to shortcut a path to growth. Gut the value chain that does the actual work serving customers in an ongoing effort to manipulate the numbers into the appearance of a strong SaaS company.
Install your friends in executive roles so they can take part in this sunset bacchanalia. Don’t worry too much about establishing or maintaining accountability within this random band of incompetents, misogynists and lapdogs. It’ll be over soon and none of it will be their problem after it happens.
After a couple failed attempts to attract a suitor, a higher sense of urgency starts to set in and the headcount cutting becomes increasingly frequent and arbitrary. The people who are holding BB together are blindsided by emails they never expected and didn’t deserve, left to scramble for financial safety. The capacity of BB to deliver value is compromised beyond repair, the hollowing out into a house of cards complete.
Maybe they pull it off before it all implodes, maybe they don’t. Either way, the “good life” will be theirs to enjoy.
Damn you ain’t kidding….I can’t come up with a reason of why this is ok. Congrats on hitting 1B in rev guys!
https://investor.blackbaud.com/node/22051/html
https://investor.blackbaud.com/node/22041/html
https://investor.blackbaud.com/node/22056/html
https://investor.blackbaud.com/node/22061/html
https://investor.blackbaud.com/node/22066/html
https://investor.blackbaud.com/node/22071/html
That’s how corporate America works. The guys at the top make sure to pay themselves first: everyone else is a second class servant. When I find my next role, I will be sure to work multiple full time roles and milk every company for every penny. Don’t care anymore about reputation when companies have the power to destroy lives like this.