SM, PJ, and the rest of the board just gave themselves $100 million in stock grants this January. You can't tell me that they didn't see this coming. They didn't see the problems with the Crapdragon 810, the risks with Samsung, and the fact that Apple was taking a large market share and not using our chips to the extent that other OEMs do, just 6 months ago? Come on. Let's assume these guys knew what was going to happen. In that case, they should be fired for being complicit in paying themselves $100 million when they KNEW that the company was going to go down the crapper. Or let's assume that they truly didn't see this coming, in which case, they should be fired for pure incompetence, because their JOB is to predict where the market's going to go and align the company accordingly. Either way, they should be fired. None of this could have happened without PJ's knowledge as well. That's why I'm rooting for JANA to clean house. I hope there is a proxy fight and the board of directors, especially PJ and SM, are all kicked out. Fk these guys, they don't give a sh about our jobs, they don't give a sh about our company, all they care about is taking home as much as they can before the ship sinks. SM also gave the lamest speech at the last all hands. "We're doing this (the realignment) because we know it's best for the company" my a. You KNOW it's best for the company? Then why did the company just get driven into the ditch with YOU at the wheel? And why the hell should we trust you to get it out of the ditch?!? We need a NEW DRIVER, not the same two morons (PJ and SM) who drove into the ditch in the first place.
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It was "rubbish" talk from some marketing nut head..Q is lucky that they did not have to pay $ penalty to disturb S6 launch due to S810 mess.
shouldn't Q sue some blogger for destroying 810 launch? after all, those rumors were "rubbish"
Qcom is a buddy buddy family enterprise
The mgmt were never competent. They just got lucky..
Anonymous124698 Yes,this seems to be most plausible reasoning considering all the facts. Also these top 2 dogs paid themselves $110 M in a year in which their faulty management led to spectacular S810 launch failure which costed Q big time. Not sure how board justified it..I guess its all buddy-buddy game with no check and balances.
Barry is CEO of Vichy Qualcomm
See, here's what I think happened. SM and PJ knew that what they were doing (paying themselves $100 million in stock grants while knowing that the company was in big trouble) was a massive breach of fiduciary duty to the shareholders. JANA then bought up 2% of the shares, and told them look, we have evidence that you breached your fiduciary duty, and in fact, everyone does, and if you don't do what we say, we're going to lead a massive group of shareholders to sue you and/or kick you off the board of directors. Since SM and PJ got caught red handed with their hands in the cookie jar, their choices are to either go along with JANA, or get sued. If they go along with JANA, they have a greater chance at keeping their stock grants that they gave themselves, in breach of fiduciary duty to the rest of the shareholders. So, that's why SM is being such a pussy, and why PJ is going along with him. Under normal circumstances, PJ, as part of the founding family, should be able to speak out against splitting the company and his words would have a lot of sway with the investors, but he feels like he cannot do this because the board, him included, all got caught red handed.
The thing amazes me most is how fast all this happened,Just one product screw up and whole QCT seems to be crumbling down!!!. House of cards?
Just last year we were hiring like crazy and constructing all these new buildings.What happened to all those multi year Planning,Road map,Projections? If things are that dynamic then why QC hires these many FTE and not making use of contractors?
They knew and are aligned with Jana. If NOT they would have stood up to Jana, made a 2.4B offer for their stocks with the answer "Qualcomm has rediscovered itself many times before and will do it again sans Jana. Now they can play the victim and act like it's happening to all of "us". It's only a layoff it it happens to you. What they are doing is Dumbsizing and will not be executed correctly. They are looking out for their own personal interests. The SEC should investigate.
Truth.
Second that