How do these people sleep at night knowing they are destroying people's lives while raking in 8-figure compensation? I cringed a bit when PJ said it was a "bummer" to go through with the layoffs. Kinda reminded me of this: https://www.youtube.com/watch?v=9u0EL_u4nvw
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If 50+% of shareholders vote against the executive compensation plan this year, will it make a difference? Absolutely not, it's a non-binding vote. Expect another $100+Mil grant for the team due to far exceeding the goal of right-sizing this year. SM is not yet the #1 highest paid CEO in U.S. but he'll get there soon.
It's a Jacobs family money tree, and trust me they are out of touch. Irwin wasn't out of touch when he was running the place, but his sons etc. are because they have an entitlement mentality. Those types complain we have an entitlement mentality when we try to look out for fellow citizens by ending the lie of the STEM worker shortage that has led to only 1/3rd of our STEM graduates getting jobs in STEM. The H1B is a sham and needs to be ended immediately. If you are getting laid off, contact your congress person and Senators to let them know that you were layed off while H1Bs were still employed.
Really they are the ones who feel entitled and have no problem giving each other 100M in RSUs while laying off massive amounts of workers.
"activist" is just a fluffy name for something that got a bad rap in the 80s. Like how "right sizing" is a fluffy name for downsizing.
They are more than activists; they are corporate raiders.
Yes but those two new board members are jana boys. The accelerated buyback, another Jana move. The right sizing...Jana move. Changes to exec compensation, straight from Jana. They call em activists for a reason. The qc restructuring plan is essentially a copy of Jana letter
They're scared because investors are pissed that they paid themselves $100 million in RSU while the company was going down the crapper. Over 40% of investors voted NO on the executive compensation plan. Jana doesn't own them, the investors do, and rightly so. PJ and S&M and the entire board should be fired.
When everybody heard of Jana for the first time in QC's context, Wall Street was saying that they don't have a big enough stake in the company to be able to push their agenda, that QC could easily ignore them. Now we see QC doing everything Jana had asked for; layoffs, share buybacks and there is even talk of splitting the company. All things, QC management initially said they would not do.
I suspect Jana has found other ways to force QC management to follow their playbook. It is not only their 2% stake in the company.
Jana owns them. Hook line and proxy fight sinker
You guys take their words seriously even after so many lies?....S810 is fine, Losing just one S6 slot is not big deal,china no problem, Jana no problem, everything would be ok once we ship S820..etc ( I only listed most recent lies, You guys might want to go through previous all hand videos and judge yourselves). You are a IDIOT if you are making your career decisions based on what PJ.SM,CA or other exec says just because you can to ask them this question "But you said that earlier?" .They are not answerable to you they are answerable to owners of the company(Shareholders) and managing employee psychology with political lies is part of their job.
I cringed when he said we are not bowing to Jana, that Jana isn't in control despite a 2% stake, that we haven't gone full Neville Chamberlain appeasement with Jana. Nay! These are obvious changes! Yet for some reason only comes out to the employee base when Jana pushes for it. Perhaps Jana had the clout and institutional investor backing to boot SM and PJ out of their jobs. But an exec would never admit their job is just as insecure as the plebs. I'm surprised they don't carry the execs in Cleopatra style, as sharing the same ground you walk on would be humiliating. But they gotta keep up that folksy populist image a la Warren buffett