Every department has been ordered to make their budget flat by any means possible. Including 10% of staff, shutting down of equipment and the bullying of employees into ridiculous working schedules. The company is still paying dividends and VP bonuses, but are freaking out and making insane cost cutting decisions. Basically Seagate is being run purly on budget first everything else last. It's a real monkey sh-- fight in the factories in Bloomington trying to keep equipment up to spec and running.
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Why continue to invest in equipments if the leadership already knew it is a dying industry ? This should have been an indication employees long time ago. They are just buying time and/or waiting till the day of retirement.
So in Bloomington you're struggling to keep tools in spec and running. Try working in Springtown some of the tools are so old they struggle to get spare parts. Some would be better suited to a tech museum. Yield is always below target. Seagate as a company is trying to manufacture on the cheap with lack of capital investment on it's tools. Keep share investors happy with above industry dividend payouts and to he'll with the equipment. Just patch them up and keep them running.
Ur right their bonuses were not funded either. Probably got a bunch of discounted stock to make up for it.
Are they getting any stock bonuses?
VPs arent getting bonuses. Do your homework before you post lies.
Hopefully they release me before the proposed June 29 date. There are projects I really don't want to do.
Dividend & share buy back worth $1.5B - it only helps the execs to artificially inflate the EPS - 63c needs to go down to a more reasonable one with around 4-5% yield...
Agree. It would be interesting to see if they would offer a cut in hours, etc, rather than just laying off a bunch of people. And yes, time to cut that dividend.