Around 150 people were laid off last week on 8/10, around 5-10% of the company. No official announcement of the change until 8/15 and this was only because of the earnings call the same day. After the earnings call the stock bounced up 5% due to the layoffs which wall street liked.
The new CEO is around 60 days in and has made it clear they are willing to do anything to keep the stock price high. Our previous CEO left due to a failed attempt at trying to get acquired and we've had a number of changes in upper management including new VPs and new CFOs. Almost every new leadership hire is from Raytheon and the culture has been gutted.
Everyone received an update today on bonuses and it seems for 2 out of 3 divisions there are going to be no bonuses due to the performance of the company beyond the bonus they might have received earlier in the year. No announcement on raises or promotions yet. It would not be shocking to see people start leaving the company in droves due to the layoff and poor performance of the company. Everyone is worried about the additional workload due to the layoffs. The stock is only high due to the reduction in labor costs but next quarter may be a different story if programs are still in the red.
A result of the layoff includes that many essential engineers are gone and much of the IT staff was laid off. CEO made it clear that new systems and new tools will likely not be developed with the labor reduction and everything is on the backburner.
Frankly, there should be enough reasons here for any current worker to decide to leave.