If you didn't think it was going to happen... its over now.
https://seekingalpha.com/news/3975228-zane-rowe-joins-workday-from-vmware-as-the-next-finance-chief
41 replies (most recent on top)
prove that VMware isn't practicing open discrimination against non-diversity candidates with Betsy's programs
All the jobs will go to AI and India anyway under Hrock Tran
Off to update my LinkedIn profile to identify as an Eskimo so I can get a job programming Python, since I have experience with skinning snakes.
"You know people are laughing at you, and not with you, right?"
Yes I know people are laughing at me not with me. Thats my point.
Instead of being an ar-e, prove that VMware isn't practicing open discrimination against non-diversity candidates with Betsy's programs
"Zane was forced out by Betsy for being a straight white male"
Straight? I always thought he was the opposite.
"I am not so sure if he is actually smart, or just a smooth talker."
I think he is a smooth talker. I'm sure he's not stupid but like all C's, its about appearance.
"oh no, I'm a white male who is being oppressed!"
"They took our jobs! They took our jobs!"
You know people are laughing at you, and not with you, right?
Zane was forced out by Betsy for being a straight white male
he seemed to be the only smart one in the bunch
I am not so sure if he is actually smart, or just a smooth talker.
In one of the company meetings, he mistakenly reported a revenue/earnings number 10x in the slide, and Pat had to point it out live. That does not behoove a CFO, I'd say. Nothing he did came out as smart, afaict.
Instead of wondering his motivation , heed his action, put your plan b into action sooner rather than later.
Every C level and 90% of xVPs will be gone by end of year. Nothing to see here.
interesting rumor about Zane not signing off on the EU cert. OP stated If you didn't think it was going to happen... its over now. official position is that the merger is on track to close by October 31. as noted below, Zane gave up of money to go to Workday, so it seems like it is just as likely that Zane thinks the deal is in trouble and going to Workday was the best way to maximize his payout.
Rumor has it Zane wouldn’t sign off on docs that said broadcom has not been directly involved in VMWare decisions over the last year that EU wanted.
So instead of $20M with VMware and sign his personal integrity away he chose other path
uh the stock is up because broadcom (and all chip companies) has gone parabolic, Zane was competent
He's also not stepping up to a CEO role which might possibly be expected of him post-close. I'm on the the "deal may not be closing and leave now" side today.
VMW stock price up today..coincidence?
Yep. Who cares if he’s getting 18M or 36M compared to his near 50M golden parachute? Bottom line is he’s leaving before it closes.
And that timing of letter sent to Business Ops… smoke or fire? Asking like the poster below.
Smoke or Fire?
A CFO with a great retention - and - exit package after close decides to walk away. Assuming he did like Sanjay in 2021 and managed to get his "with cause" termination package (see 2022 SEC Proxy statement for VMW page 74), then Zane walked leaving $20M on the table - the same $20M he got as RSU package signing with Workday to report to Carl.
Sure there is some risk and opportunity cost there but he can wait for the next $20M I'm sure... That would be the "Smoke" version. BAU with execs jumping to the next million dollar handout in the Valley..
The "Fire" version is as CFO he has now been asked as part of the regulatory filings and remediation commits to stop some of the stuff happening prior to close and/or at Broadcom. Like a CFO signing off on a SOX document, maybe it is civil and criminal liability for the CFO and the business. Maybe, and this is speculation and trying to connect the dots, Zane didn't want to be on the hook for that on behalf of Raghu and Hock who both seem to have limited appreciation for doing things the right way or surrounding themselves with those that do...
Maybe the deal is DOA and he knows he won't be getting that change of ownership check so the "Fire" scenario is even worse for him... Keep in mind Dell parachuted him into VMware as "his guy" so Zane running from this is a very interesting sign as he burns that bridge with Dell and walks on an easy $20M if this does go thru..
In any case the market likes it for whatever reason as the stock is up so I guess Hock and Raghu are happy as they go into the next set of IOC reviews...
I'm really worried that Zane will be OK with only 18m in RSUs. Should we organise a gofundme or perhaps pass around an envelope in every office to gather donations.
Prayers and thoughts with Zane, I really hope he will be OK and muddle through.
FFS, grow up.. he's leaving a pending shitshow and doesn't give one F**K about those of us who are left.
CRN article states that he’s getting 18M in RSUs from Workday, not even close to 50M.
No, it states he's getting 36m. Two tranches if 18m each with different vesting periods.
Maybe it’s not all about the money. He enjoys his work as CFO. That will all change when the acquisition happens since BC already has a CFO. Chances are the merge is happening.
Whether we want it is a different issue.
CRN article states that he’s getting 18M in RSUs from Workday, not even close to 50M.
I thought Z's change in control payout was going to be more like $50 million, but even if it was in the 20's, it still seems like a lot to walk away from when it was probably only a number of months away. The only explanations I can think of are: 1. he negotiated some way to still get a big payout when the acquisition closes, 2. he thinks the acquisition is at too much risk of not closing, or 3. Workday really did make him an offer too big to refuse. Perhaps he was savvy enough to negotiate some combination of #1 and #3.
Guessing workday signing bonus was a fraction of that.
Or not… maybe he get $75 million over 3 years. There basically is no upper bound to C-level comp.
Warner Bros. Discovery CEO David Zaslav total 2021 compensation package was $246 million. In 2022 he took a cut - a mere $39 million.
Let that sink in for a moment…
Wouldn’t this mean that there is a larger chance that the deal doesn’t happen since he is walking away from the $25m (tied to the successful bcom deal)? Guessing workday signing bonus was a fraction of that.
https://www.crn.com/news/virtualization/vmware-cfo-zane-rowe-to-leave-for-workday-job
Imagine how much he is getting at workday to leave $ millions on the table from guaranteed change in control shenanigans.
When is our CEO going to quit?
Just like Milton in Office Space, Magoo has already been laid off. The are now fixing the glitch with his paycheck tomorrow.
It is about time. I really I am hoping for severance right now to get out of this toxic place
Post from TheLayoff.com
When is our CEO going to quit?
People complain about DEI because it's useless, holier than thou, preachy, virtue signaling, waste of resources...what else? Employees in DEI forget their real jobs, they think that talking about how DEI scores matter really changes anything. I have an idea, how about doing some real work?
Actually, of all of the senior/executive leadership, I think that Kit will be the only one left standing after the Broadcom acquisition, at least his role is the safest IMHO. However, whether he likes what he sees in Hok Tan's leadership style and his own might be a different story.
Kit will be next…
No one wants to be in this s**t show even for $$$ millions
Is this really all that surprising to anyone? All senior leadership will be gone once the Broadcom acquisition closes and it always better to sell yourself to another employer while you still have a job and it is very likely that people have been recruiting him and others at VMware ever since the acquisition was announced a year ago, so he was likely induced with a substantially attractive deal elsewhere (probably making up for or surpassing what he might get from his likely termination by Broadcom) while at the same time considering the likely inevitability of his termination before the end of the year.
Work colleague complaining about MeToo tells volumes about your behavior and ethics.
Is that why some here complain about DEI so much? Not happy other people have the right to not be harassed at work?
Can't say I'm surprised. He seemed to be the only smart one in the bunch, and probably the only one who really deserved a CiC payoff. What doesn't make sense to me is that he would go join MeeToo and the other overrated has-beens at Workday instead of going to a start-up or becoming a partner at a VC firm like Sequoiah Capital like Carl did.
Getting so bad need to ask the Board members to take a "real" job... ha!
Wow, how much change in control money is he leaving on the table?
Joining Julie Gonzales - another ex-VMware pod opening in Workday!
Does that mean he walked away from his $50M golden parachute?
He was the only competent person there
Sinking ship!