Who’s ready for our new PE overlords? Layoffs galore coming soon and the rest of us who remain will get bent over a barrel. No more public company RSUs, decreased compensation, decreased benefits, fewer resources, more work, etc. There are ZERO benefits to employees with this deal. It’s all negative for us. Stop caring about your job and decrease your productivity NOW. Also, get your employment attorney lined up in advance to review your severance package and/or RSU documents. They will try to cheat you any chance they get. Be prepared, and call them out on EVERYTHING.
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Yodlee Alt Data segment is gone - layoffs occurred today.
Private now. Waiting for the culling to begin!
They’re going to pay out annual bonuses. Relax.
Layoffs will be minimal now and in the future. Envestnet is already stretched thin in many departments. They can’t cut more without destroying the company, which they don’t want to do (yet). We aren’t Toysrus (probably).
- Ill be shocked to see yearly bonus paid out in January. But with the new overlords who knows what's going to happen
- Ill expect there to be layoffs before the end of the year. Bain will be in for 5 to 6 weeks and I'm sure they have their own plans.
- My direct manager "Hasn't heard anything about the RSUs". Which means they probably wont pay them out or will be given at a reduced rate.
The early appraisal process is because the transaction is expected to close in November and our annual bonuses for 11/12ths of the year will be paid in January. I don’t think the early process has anything to with layoffs. Although that doesn’t mean that layoffs won’t happen once Bain takes over. I doubt we see any layoffs before late Q1 though.
I am curious about how an early appraisal means prepping for layoff. I would assume that early appraisal means they have clarity from Bain regarding their hiring and retention plan. They would have pushed off appraisal for a month if they did not have clarity. What am I missing?
Anyone else find it odd that our yearly review is being done kind of early this year? It's like they are almost preparing for layoffs once Bain takes over.
From what I understand, Yodlee does not have any TRV operations. It's primarily TCS. It's unlikely their jobs will go to TRV. Maybe TCS will buy that unit?
If you're on the Yodlee side of the fence, you should be actively looking for a new job. Most of the US employees under the CTO will have their jobs moved to TRV in the next year or so.
D&A layoffs don’t surprise me. They should fire the whole segment. It’s a worthless business dragging down Envestnet.
Layoffs have started at the D&A side! Several senior leaders let go.
Well now that the deal has been approved by shareholders, has anyone heard anything about their compensation in the new company? Anything at all? Crickets for me.
I agree it's absolutely sick they gave the CFO $1 million in retention after being with the company less than 1 year. As if he was going anywhere, anyway? We all know he was planted by Blackrock, and it's the good ol' boys club of unjust enrichment.
25 million dollar retention pool and ~8% goes immediately to 2 C-suite people, one of which who is a relatively new hire. Yea, us peons aren't going to see a dime while the mo--ns at the top get a big payday. Time to start doing the bare minimum and start looking for a new job.
I was under the impression that a large number of US employees received RSUs as part of the LTIP program - specifically, anywhere between 7.5% to 25% of total comp (10% to 40% of base), every year. I cannot imagine a world where someone's comp would be reduced by >5% without mass exodus.
Stupider things have happened, it would just be shocking to force senior talent out the door. That said, Bain does appear to have a profit sharing program, and I'd think there is an exercise to determine exactly who will be included in it and to what degree (%).
Thank you, drive through.
Everybody should read the proxy filed with the SEC.
There is a $25 million retention pool. This means that many people at the group head, head, principal director level (and possibly lower) will get retention bonuses. The two C-level execs who have received a bonus are Josh Warren CFO ($1 million) and Shelly O’Brien Chief Legal Officer ($900k). These were likely required to be announced in the proxy for regulatory reasons. They will probably not announce other retention bonuses or any data related to compensation until the deal is approved by shareholders.
Your base salary, bonus, benefits will not substantially change for at least a year according to the proxy, although it feels like NEW RSU compensation is going away, but you’ll be paid out in cash for the unvested. This means that starting in 2026, we are all taking a pay cut.
I don’t think the ship is sinking just yet, and I actually don’t think Bain can reduce overall headcount much, if at all, in order to continue growing the company. Bain has said their intent is not to cut. I think it is going to be an interesting transition to be a part of, and if they get the appropriate CEO hired, we can really do a lot of neat things with the company to accelerate growth outside of the spotlight of a public company. I’d advise everybody to stick around until mid-October to see what happens before jumping ship. But if you have a fabulous offer from a competing firm, maybe don’t pass that up either.
Ron who are getting retention bonuses? I have read about 2 people getting them, the CFO and someone else who I am unable to recall. How are they not providing compensation clarity? Are you referring to not telling us if/who is going to receive a retention bonus? In the last meeting they said salaries were not going to be modified.
I believe the culling has started, both involuntary and voluntary. With the massive parachutes provided to the officers along with huge retention bonuses, there are at least 20 deserving individuals who will probably not even get a shot at retention participation.
Further, without compensation clarity, many have started the interview process and at least a handful will be gone in the next 4-6 weeks. I'm thankful that I moved on, I wouldn't have been granted any participation.
This stuff is so easy to get right, but requires late-stage capitalism to be held at bay. Ha. What a joke. There's even a guy at the top whose payments are literally undisclosed because of his conflict of interests being resolved through cold hard cash.
The current C suite is in a holding pattern till the Bain execs show up for culling. It's worse in some areas like Engineering, where no decisions are being made. The CTO is just a dummy waiting for the axe to fall.
I hear ya Samantha. Really annoying. With the news about Envestnet being sold, I’m receiving inquires from other firms asking whether I want to jump ship. Hard to make a decision with the lack of information from ENV. If something doesn’t give soon, I’ll probably leave and go for the more stable option.
Anybody heard about layoffs or retention bonuses yet? I’ve been through a public company merger before, and our leadership is being WAY too opaque with information. It’s really discouraging.
They’re going to take Yodlee out behind the tool shed and shoot it. Or sell it to the lowest bidder.
Wonder what they will do with yodlee
Right there with you Harrison, minus your namesake with the Chiefs' complete inability to be a proper human.
Talk about lost direction. I suppose there is a chance that PE might actually right the ship in terms of cost overflow via hiring incompetence, HR meddling, and lack of product prioritization/stewardship.
We are more than 2 weeks past the sale announcement and the only people with a retention bonus are the CFO and legal officer? WOW! As Ron said below, maybe they really do want us all to burn the company down? Classic Envestnet incompetence. This is a small industry we are in. This is really going to hurt Envestnet's ability to attract talent going forward. The silence is deafening.
Well, the Chief Strategy Officer got canned today. Anybody else? Have the layoffs started? Or are there more coming this week?
Well there you have it. Time for the employees to burn the company down before they are laid off. Bain has no idea what a sh-tshow they just bought. Nobody knows until they see the gory details for themselves. I'll be laughing every step of the way while these PE losers hopelessly watch their money burn. So funny.
Who is BFF?
BFF has been waiting forever for this. The sweet, sweet release of no equity handcuffs.
But, I imagine that this has been worked on in the background by the wanna-be-CEO (not the acting CEO) with his PE cronies (riddle me this, Batman: talk about a massive conflict of interest: let me prep the company by skinnying it down before my buddies buy it on the cheap).
Can we talk about the leak, though? A second time? Was it TS this time, too?