Are severance packages still being handed out post-Vector buyout? I suspect cuts to my team is on the horizon.
10 replies (most recent on top)
The problem is that the idea behind IQ is actually pretty solid, so when you talk to prospective customers they say, Yeah, I'd buy that! The senior leadership team hear that and assume they just need to wait it out and IQ will start making money any day now. What they don't seem to understand is that what RT and AR actually built is a dysfunctional disaster. If it worked it would sell, but it doesn't work and they're just not capable of making it work. But they're flushing enough cash down the toilet to prevent the products that DO sell and DO solve problems from being properly maintained, let alone upgraded.
Vector just wants to trim it to profitability? Here’s some ideas….cancel Alluvio IQ. NO ONE WANTS IT. It’s been out a year+ and no one’s buying. What a joke. Other companies make the same thing and are actually selling something . Send those resources back over to the remaining products that still do make money. They’ve been starved for years. Dump the current head of “product” …RT…. Arrogant pos who clearly hasn’t a clue. There’s a quick couple of $$ . RVBD is living on renewals and the Fed biz. But once those products hit end of life…..they are really done.
"VC isn’t interested in what Riverbed is, they just want trim it to profitability so to make a profit"
At this stage, not the worst strategy, and makes sense, why else would they buy it after the two previous owners' experiences.
Long timer here and this is the worst I’ve seen it. So happy I’m out.
Since Vector took over, our department (not team) has been focused on nothing but cost cutting - to the point of looking for loose change under the couch to pay for utilities. VC isn’t interested in what Riverbed is, they just want trim it to profitability so to make a profit.
All the C-levels in my dept is useless.
Apollo recaps and puts $100m on the balance sheet. Vector recaps and puts $100m on the balance sheet. Not one fundamental change to strategy, with the exception of Tworik's miserable failure as an executive, leader and manager. Let's ask how sales are doing? Wait, we know the answer......
Two month’s severance for 6 + years is an insult to be sure. It was either malicious or the company is THAT BROKE. Either one is quite telling. RVBD used to be a nice place. Not any more. Steelhead is dying. alluvio IQ is a joke. The products that actually pull in revenue are starved for resources. What’s the point.
Gads, what a difference three months makes and am I glad they dumped me when they did. Two months severance is basically telling people to find a new job, quick-like.
Severance package in a recent August rif was 2 months for 6+ Years. Assuming the company is broke and vector is doing the least they can get away with. I would assume more rifs are coming as they need to seriously cut costs and “IQ” ain’t selling
Have they had any additional layoffs since the mid-June RIF? I'm curious how many were laid off then, and since, especially in CA. Either they laid off less than 50 in CA in June, or they skirted the CA WARN law. I don't believe the exemptions applied.
I wasn't laid off myself, but I know two people who were and who got severance. I'd be careful about assuming that means anything going forward though.