There is going to be severe, and I mean severe, cuts b/c we failed to meet revenue expectations. Large staff cuts are about to happen soon. This isn't to improve efficiency, it's to prevent our stock from lingering under $1 to cause delisting and bankruptcy. A reverse stock split is on the table, too. Check my previous posts - my track record is good.
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Does anyone know if, in the previous layoff rounds, those who were receiving tuition reimbursement were able to continue receiving funding to complete the degree as part of severance?
Regardless of whether SVP is actually an SVP or not, more layoffs seems imminent. And actually, they should start with the ridiculous amount of SVPs we have that all make high six figure salaries, they all just got promoted with new/different titles, and they don't seem to accomplish much (if they did then we wouldn't be as bad in this situation as we are- yes, I know chip is to blame but it rolls down). Their salaries are much higher than the managers and lower level employees that keep getting laid off first, they're always on vacation, and the company pays to fly them around the country constantly. Yet, they never get touched.
A reverse stock split has no immediate effect on the company's value, as its market capitalization remains the same after it's executed. However, it often leads to a drop in the stock's market price as investors see it as a sign of financial weakness.
What is the layoff strategy?
True, anyone can claim to be SVP. But somebody claiming to be SVP keeps forecasting layoffs as if s/he has inside info.
I suppose that is true, but in the past, SVP has been 100 percent accurate in their predictions. If someone wanted to take SVPs name just to stir sh-t up, they could do that, but what they highlighted sounds like the steps a company would take if it were under the threat of being delisted (which, trading at $.90, that is a reality 2u faces). You can choose to believe what you want, but if you decide to believe that everything is good and fine, then you’re going to get a rude awakening pretty soon, just like many others have.
*no
Confirmed suspicion below - literally ANYONE can say they are SVP, even in a thread started by “SVP”. Know way of knowing if this person is or isn’t - but trust that there are also people out there just wanting to stir sh-t up
Test
Lol stfu. You’re going to lose your job too.
It is highly inappropriate for SVP-level leaders posting internal HR deliberations on this forum. I hope you are not on 2Us network because it is surely being tracked now.
@SVP - do you think the company is going to be able to make the necessary cuts to stay alive? Will they be able to refinance the 2025 debt?
Hopefully if there are more lay offs coming, the company will first ask for volunteers. I think there might be several!
2U spent $19M in Q3 just on interest charges. The Alternative Credentials segment continues to be a big loser. And cash is dwindling. What more can go wrong?
https://www.sec.gov/ix?doc=/Archives/edgar/data/1459417/000145941723000042/twou-20230930.htm
For the person asking about the placement teams - just assume you are on the chopping block. Believe me. I was a senior AC who always hit my targets - I thought I was bullet proof. Laid off in September :/ it could be anyone
This won't help...
https://www.latimes.com/california/story/2023-11-11/usc-cuts-ties-to-controversial-online-degree-company-2u
Will this happen before the end of the year?
Many directors make 150k + along with equity. When I was with 2u, I always felt like I was putting more work in day to day than directors
Probs lots of weight to cut at middle mgmt and directories in SE, student success and placement. Maybe training/learning development since the org doesn’t hire new and surely other departments who milk paychecks
Any timeline?
SVP the MVP! To those wondering "which department??" If it doesn't happen now it will happen and do you really wanna shoulder the responsibility of the hundreds of teams/colleagues who've left without any compensation, not even a new title?. Unless you've been living under a rock things are not good, assume you should dust off your resume and take that PTO - it doesn't matter how much you put into your work or care. Chips got his side gig, and I urge you all to act like you do too.
I'm sorry if this is crass I've simply run out of F's to give.
Happy Holidays from the company you all worked too hard for
Before or after the new year?
Any sense of which departments should expect layoffs?
Placements department was encouraged in a post-layoff round that new program partnerships (referenced in earnings call) would aid job security. Any thoughts on this SVP?
SVP always reliable. Do you have a timeline to warn those with families to car for
SVP is never wrong