mass layoff today, huge shock to many engineers who were very busy. Engineering teams were already short staffed with extremely busy teams…Honestly not sure how the work will get done, especially seeing that some of those let go were important pillars of projects. Who was let go from engineering seems random. An emergency all hands meeting had to be called because of the anger in the office. I the new CEO wants to cut cost to make a few rich investors happy, so it was decided that dozens to hundreds of people would lose their jobs for no reason while forcing the employees still there to pick up the slack. All this while giving lower bonuses and citing poor financial performance while patting yourselves on the back for securing the largest contract in company history.
3 replies (most recent on top)
Company invested too much in capital equipment for 3D packaging in the last 3 years and led by a Narcissist! No new products, no direction, and no future. PERFECT!
100-150 employees laid off after new CEO announced during his first managers meeting that there was no plan to
Lay off. Many Director, Sr Director levels eliminated, however annual bonuses still paid out with 6.5 month severance packages. . Remaining management stating it is to help upcoming earnings call.
Rumors USMO will be sold to company in Mexico and that Torrance will be closed. They’ve stopped investing money in facility upgrades to Torrance.
Some sites secretly being evaluated for possible sale
Mercury Systems is in a dire financial situation. The company recently laid off a large number of key staff, including those who had been working over 70 hours per week to integrate recent acquisitions. This suggests that there are systemic problems at Mercury Systems.
The CFO left the company in 2023, and the CEO then jumped ship after Mercury Systems failed to be acquired through "Strategic Alternatives." The new interim CEO, William Ballhaus, has begun cutting costs just one month into his position.
It is clear that Mercury Systems needs to narrow its focus in order to survive. The company has invested millions of dollars in capital equipment, but it will be difficult to run efficiently without key production, engineering, and IT staff. A sell-off appears to be inevitable.