First round of layoffs in late May 2024. 2nd round of layoffs in late June 2024. Confidentiality precludes sharing the main reason behind these cost-cutting measures.
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Here are some of the reasons:
- Emerson is making a lot of money, but profits are not as high as in previous quarters. We need to report growing revenues every quarter to meet Wall Street expectations and keep the stock price rising.
- Emerson’s performance won’t meet projections as communicated to Wall Street. The stock will drop, and executives’ total compensation of upwards of 80% will be reduced. We need to pump up the stock price.
What’s the cause of layoffs at Emerson Electric and who will be laid off this June 2024
Job cuts Job cuts Job cuts
"Confidentiality precludes sharing the main reason behind these cost-cutting measures."
Is it profit? It's profit, isn't it.
Don't expect anything less with ASCO folks NJ in-charge.