Anybody know the full extent of the layoffs, which groups, etc?
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New CFO is from Blackrock. Wouldn’t be surprised if they are grooming to go private and then spin off some verticals.
Can Envestnet recover from this? We have lost BILLIONS in market cap. I've pretty much conceded the fact that my RSUs are worthless. I have an enormous capital loss that I can't do anything with. How on earth is the board allowing Bill to stay in place? Stuart should have been CEO. None of this makes sense and management is silent. The stock decline needs to be explained and addressed. The new CFO seems to be towing Bill's line. Same old cr-p. This is INSANE.
Anybody have news on the November layoffs? I heard another 150-250 were going to get clipped. Did it already happen?
Company is falling apart. Continual layoffs, stock down 43% YTD, no leadership etc.
Imagine laying off over 25% of staff in a year and still keeping the executive team in place.
So no news or information on the supposed layoffs next week that was previously posted?
What the he-l is going on with our stock?! 6-7 year low? Down 27% in a month?! Did investors finally figure out that Bill’s “investment plan” was vaporware? Or is this a coordinated effort by investors to remove Bill? Something has to give. The company is worth more than this.
Yes - let’s get some clarity around more layoffs next week (and to that large magnitude).
Are you speculating about 20-25% or do you know that to be fact?
The real set of layoffs is next week. ~ 20-25%.
Thank goodness they paid all that money to license SpongeBob - I'm sure everyone losing their jobs is really happy that this company decided to invest in cartoons over people. Bill has been disastrous for ENV - but great for BlackRock.
You aren’t wrong about additional layoffs in Q4. The new CFO is going to come in and gut the company. Strip it down to bare bones to prep it for a fire sale to Blackrock. His loyalty will be with Blackrock. Those guys are like a skull and bones secret society. His sole purpose at Envestnet will be to sell to Blackrock. My guess is another 100-150 people gone in November.
Stock is basically at a 5 yrs low. I suspect that there will be more RIF’s come late Q4. Don’t see things improving.
Don't be too hard on Bill. He's been very busy focusing on Blackrock's phony DEI/ESG initiatives. Wait... what's that you say? Our new CFO is from Blackrock? Oh dear, what a coincidence.
Gotta love the corporate double speak in Bill's email. If he did a better job of actually leading, there wouldn't be a need for layoffs. Our stock is at 44$, hope no one is relying on income from RSUs.
Seems similar to last November when they laid off ~100 employees across all groups. Wondering if this is larger, smaller, or about the same?
How do you define “huge”? There have been layoffs at Envestnet for the last year +.