I used to love my job and working here. Seeing where we are now gives me no pleasure, on the contrary. Hopefully, something will be done before it’s too late, even if I’m not sure that’s possible at this point.
14 replies (most recent on top)
Ponytail was one of those weird hires who came from a failed company (Read Rite) and went right to VP. Seagate seemed to have a fetish for CMU grads back in the day.
This all started with the ponytail era 7-8 years ago and bad decisions made by him, installing yes men into positions of authority that had no justification to be there, like the current CTO. HAMR with no backup plan was an even worse decision. Sorry, but they are reaping what they sowed.
SHK site sell attempt is active again. There's a real good chance of a very short lease back of only like a year if it sells. That will be it. Site Closure. However, a short lease will make it very difficult to sell to a property management company for a good price. So then anybody left will be moved to Normandale. Dave is very much trying to sell it I'm sure to fund his next dividend payment and might take a low bid at this point.
Now the last post is speaking some solid truth. Keep me out of the back to back to back meetings with the same individuals asking and talking the same status and allow me to actually deliver a product.
Seagate as a whole struggles to make good financial decisions, the flip flopping on our Shakopee Plant is a perfect example. Both NRM and SHK are sitting with a truly ridiculous amount of empty space, now add on an unneeded new Wafer Fab. While I don’t blame the executives for the current market turmoil, it is THEIR JOB to make sure the company is financially healthy enough to weather a downturn. This company is so insanely top heavy with people who do nothing more than hold and attend meetings it is almost criminal to the stock holders. Perfect example of cronyism in corporate America.
What would I have done differently? First. Get a solid HAMR design and strategy vs. constantly churning with the whims of a management that has never worked product delivery. Second. Put seasoned product delivery management experience in that critical role vs. the disaster that came out of RIF. Third. No dividend. Yeah not popular with the financial experts. Fourth. Consolidate smartly vs. market reactionary RIF.
Honest question guys, for real want to know...I have zero answers btw...how would you have ran Seagate over the last 2 years to put us in a better position to be successful?
ESG funds are also poor performing funds and are now seeing massive outflows. Turns out ESG is not contributing to the income statement or balance sheet in a positive way. It’s another fad that costs money and produces no return.
Go woke, go broke as many contributers have already astutely mentioned. Seems Seagate lost focus on what made them a good company. Now focus is on diversity, inclusion and ESG score so they get the big investment firms adding STX to their portfolios. Pay that dividend at all cost, literally, with austerity and layoffs for the workers while senior management gets their stock options and bonuses. Completely unsustainable, good luck.
It’s going to get worse. Disconnect all attachments to this company now to be mentally resilient. Just flat out expect not working here in 3 years. Act accordingly.
Just a few days away until the fiscal’s are announced. Should be entertaining with Heavy D and Gang scrambling to find the 170 million needed to pay the divy. Even the investment geniuses on Wall Street are questioning paying said dividend when the company is going broke. It will be fine, nope probably not. May he can cut some VP’s to raise some cash?!!!
IMO, the company is preparing to offload R&D, even though heavy D indicated the opposite in last all hands. After they do this, they can survive a few more years selling drives only. Skeleton crews in most factories until the inevitable happens. Once a thriving economy, previous administration had it rocking, and now in shambles, WOKE = BROKE.
sad is the falling apart has more to go, not fun
indeed it's a sad state for all