Anyone find out they are affected yet?
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Saving $130 million by laying employees off, but doing $250 million of stock buybacks next quarter….
just a comment on another comment that the CEO 'took 100% of his bonus off the table for FY2023' - he took his CASH bonus off the table, will still get the much larger stock bonuses.
This is as close as F5 Execs are going to get to finally admitting the acquisition of NGINX was a mistake.
NGINX was certainly hit hard if not the hardest. Several larger roles axed as part of the restructuring. The global invites to your respective theater layoff session was pretty basic and that the market demands, blah blah blah blah... The CEO took 100% his bonuses off the table for FY23 (6-more months) and the others will still make 30%. Lots of sales and SEs + global architects all impacted today. I still think this is the beginning. Keep the resume updated! They've had 3 layoffs in 3 years! Expect to see more if the demands keep shrinking...
20 weeks severance
NGINX barely a footprint internally now
How much was severance package ?
Nginx? How has that $750M acquisition played out? If blue was a tragedy, nginx has been a capital catastrophe.
And if nginx is a catastrophe, I've heard the big security acquisition is practically armagaddon.
Gs has been hit as well even eae that managed big accounts got axed
NGINX hit hard.
Execs completely unhinged from reality. "The economy is strong" "unsure why customers aren't spending"
They are also very good at fake crying and spin. Focus on the business, stop with the woke bs--- no one's buying it or mistreating anyone different than them.
VP of NGINX canned this morning
48hr... time to update your CV. In the mean time chill out, sit back and relax.
Probably sales and product (NGINX and BIG-IP LTM) and G&A as he said in the earnings call - HR Finance Support Etc
In the call today Francois implied some Sales teams would have some consolidation as well as some teams doing R&D would also be reduced, nothing specific other than it is hitting all levels and that performance did play a factor in some cases, but not all- the only other thing he said is that some offices will be combined. If you get an E-mail for a meeting in the morning, it's not good news. An E-mail will go out to all employees tomorrow saying the process is complete, if you get that and you are still employed you are good for now. He did mention those impacted will get the bonus they were going to get (but reduced by 50% just like everyone), a severance and it sounds like they'll get to keep their PC. Good luck
I think all the departments and business units for sure. Just waiting for next 24 hours
Won't know until tomorrow. I wonder what orgs will be most impacted... anyone have any idea?