Thread regarding 2U Inc. layoffs

You can now see the payslip in WD for the reality of what they’re willing to pony up to retain you!

A union ain't gonna help with squat at this point ..

@4urv+1rTapoXZ I feel about a "sit out" the same way I feel about unionizing. Good in theory, but in practice, who wins from that? Will it helps us at all in our day to day?

@4mju+1rTapoXZ the idea of unionizing at this late date would probably do more harm than good. How would that gain traction? Who would lead?

@5jpg+1rTapoXZ The point was that Chip's new company (which is a terrible idea that's guaranteed to fail) wasn't started because he was frustrated with his executive team, any of whom he could have replaced instantly. It was probably started because he knew that the CEO of a public company's only job is to keep the stock price up, and the stock had already lost around 90% of its value when he started it. He had to have known he was on the way out.

@5sun+1rTapoXZ to be clear, he co-founded another company well before he was fired. I am not sure what point you are trying to make.

@5sun+1rTapoXZ Just to be clear here, Chip did not "venture off to the other gig," he was fired. The boards of public companies don't like to say "we fired the CEO" but he was obviously fired.

Not all all defending Chip but it makes you wonder how much he had to put up from the executive team and why he may have ventured off to the other gig. Everything has somehow gotten worse and no, there's no excusing blatant lying and greed or the inability to improve even just one thing for the organization. Paul was put there because he has never and will never care about people. He and his minions will find loopholes at the expense of everyone who believed in the mission to set themselves up a nice cush fund because no one in their right mind would employ them in the future. They'll all walk away with millions and not give a second thought to the financial and emotional toll on the rest of us

Who is this leader called Adam? What value does he or his team offer. Has about 4-5 direct reports which are all useless s and have a retention bonus and have a fat severance package. Seriously in a dying company who gives these sort of $$$$ to some HR head and useless team? Look at how many overhead staff they have. Some 10+ people who are surprised themselves that they still have a job. So what if they quit, there are plenty of capable people that can replace them easily if the business truly requires them.

Paul Lallje, you are one incapable person. Have some big ego, walk around spreading wisdom, boss over weaker people who do not speak up and wanted to become a CEO, if not anyone else you should know your own capabilities. The day you were appointed, all hopes of revival was over. What made you or makes you think you were going to save this company? Just fooling people around. Whatever time is left spend apologizing to people who you have mistreated and cheated. I know people blame chip, but you know you have a big hand in leading this once a wonderful company to where it is now. Take a close look at your leadership team and their team and think carefully how are most of them going to make any difference, how are they going to help. This situation calls for some serious action and instead you are busy figuring out how to su-k the company dry.

@4wpf+1rTapoXZ
I heard degree-placement did but no info on the response

Who’s going to be brave enough to ask in one of the meetings, or in the slack channels, about the retention bonuses for the execs and link the SEC filing from 4/4? Call them out on it!

@4qgx+1rTapoXZ No- admissions got the same raise they always get - it was not cost of living. Definitely can argue that is too high- but unsure the rules of incentive comp allow a lower raise based on business performance (just as it doesn’t allow higher for that reason). SS bonus and merit % usually balances out the admissions % - but with no merit happening for SS or the rest of the company definitely - it doesn’t feel great. Students starting and not retaining/graduating doesn’t help the co financially - and it certainly doesn’t help the students.

@4ufb+1rTapoXZ Admissions is getting a 6% cost of living salary increase.

SSAs receive no cost of living salary increase. Yes, there's a "retention bonus" but it's 40% of targeted amount and it's spread across 4 quarters.

Thinking these folks care about IC’s is like thinking they want to “change the world” and “help students.” Rub that “#nobackrow” tr--p stamp off and get with it.

To whoever it is that keeps saying unionize, that’s enough. No one is going to unionize at a company that isn’t worth toilet paper. These sc-mbags are out to get theirs while they still can, after casting a pallor on those who did the same thing by actually using UPTO and maintaining a work-life balance. Hypocritical jag offs.

I just revisited the recording - exec team will get those retention bonuses IN ADDITION to their 40% bonus capture.

The only way this stops is if we unionize.

Paul said that the non incentive comp folks would get a higher merit increase than usual. Has that number or % been stated yet?

If they don't put out something by end of week, ICs and managers seriously need to consider a sit out day, because unless they actually HAVE to respond, they're not going to. They are past the point of caring about optics anymore. They're daring staff to quit and raking in their millions ON TOP OF their already disgusting salaries for a company with a 37 cent stock price. Do not hold your breath for change, but also don't think that there's nothing that can be done to make it clear that this is unacceptable to both staff, students, and school partners.

Paul's bonus alone is nearly 40x the salary of an average IC. Disgusting.

Pretty shameful that leadership has not put any kind of comment out about this explaining themselves. They repeatedly told ICs that bonuses were for SVP level and below only. To find out that not only are they getting bonuses, but that the smallest of these bonuses is 10+ times the entire salary of most ICs is SUCH a slap in the face. If they're reading this: EXPLAIN THIS. Make it make sense.

I can't even begin to describe the anger over this. Any talk from these leaders on making the company more sustainable and solid again were just lies told from greedy, shameless men. They have no plan other than to enrich themselves.

I knew something was off when the exec team had the all hands to announce him as CEO and it resembled the last supper.

Sick to my stomach reading this. What the…. Retain them for what. These so called C suite bozos should be shown the exit door. I have known P for a while now and so have many of you and not sure what anyone saw in him to make him a ceo. Walks around with big ego and has no self awareness. Advises everyone while he should be looking at himself and be ashamed. I also blame his sidekick’s. Cannot say this directly to him, but he’s a epic loser and probably not fit to be an accountant somewhere. There are some more mo--ns there too in the so called leadership team. If he has any conscience he and all his leadership should go on a 1$ pay till they relieve the company of their debt and bring back the business to life. Win back investors confidence. Reduce the top management head counts asap, why should this company have so many VPs and SVPs and Directors and Senior Directors? Give the leaders a reward plan if the company improves its KPIs in a certain timeframe with out excuses. Bring stock back to good levels. If the corporate world does not see this as a loot show, shame on them. Take a look at how successful companies run and learn something, running a education company.

Hi @uvb+1rTapoXZ, I hear you, and that is a a great safety net for the company and holds the C suite to the company. My main issues with this are 1. Their placing almost 300% more value on a few C suites than the remainder of the company, which is the foundation for the revenue needed to fill C suite pockets and 2. C suite has stated many times that no exes would recieve any monetary incentives as they would prioritize lower level employees, which is not the case.

The grift is real. When they can’t scam customers, they scam “employees.”

To add to the perspective, anyone laid off in January would have been eligible for the 2023 bonus. They now can claim these aren't 2023 bonuses and forfeit having to pay those laid off (while many received cr-p severance in one of the toughest markets we've seen) and avoid a mass exodus post bonus payouts.

This is your leadership team, people. It's not even corporate greed, they are spinning the messaging on everything to put more money in their personal bank account.

For additional context, the people actually doing the hard work of keeping the company functioning will be thrown a few extra hundred bucks during these same payout dates as a part of their "bonus". Any leader with a shred of humility and integrity would absolutely not take a bonus AT ALL during a time of this much financial uncertainty with the company. I'm not saying they would do it to be good people, but perhaps to prevent the optics of them being IRL Scrooge Mcducks lol.

To everyone who blamed chip and said give the leaders a chance. How’s this feel?

Bring back Mark Chernis as an advisor I’m sure isn’t cheap either.

This leadership group is selfish and not doing what they said they would.

This was mentioned in a department wide conversation and the response was impressive. Most want answers from their vp; it seems the vp was surprised by the C suite bonuses. For a CEO that repeatedly says C suite will not see bonuses, this is writing on the wall for everyone. These people are not honest or trustworthy leaders.