While every company evolves, the events of the past two weeks clearly demarcate a new chapter for Intel, as we jettison remaining traditions established by Dr. Noyce, Dr. Moore, and Dr. Grove. BK, a victim of the board, required to accept a double digit raise during a time of layoffs because his strategy ‘is working’, asserts that this is simply in the pursuit of average CEO pay. Would Andy have accepted a raise during a mass firing? Did Gordon, as CEO, fly economy on US Air because it was average? Did Bob Noyce, who pioneered the notion of broad employee stock options, do so because it was average? Sabbaticals, 12% 401k contributions, these were average? None of these positions were average, these were decisive decisions backed by visionary leaders who focused on market-leading strategies. More recently, executives like Paul Otellini sail off with hundreds of millions of dollars after having argued that PCs were going to continue growing forever at 20% while dismissing the mobile threat. BK will exit hugely wealthily, regardless of performance.
Speaking of layoffs, Intel’s founders performed these too, but they did so when business conditions were critical, when truly no other options remained, and while doing so, they did everything possible to signal that employees were long-term commitments. Lay off actions were not accompanied with simultaneous hiring, and they certainly did not message that an employee was only as good as the last ‘year’.
Will Murthy, who negotiated unlimited first class travel, limited private charter jet and limousine service, grace us plebians in the upcoming Dr. Grove celebration by swooping down from the skies in his Gulfstream to honor Andy, who as CEO was more likely to take a Southwest flight? Perhaps they will debate introducing reserved executive parking, but then again, why would executives arriving by limousine passenger care about parking at all? Will Richard Taylor, a long-term HR fixture of decades, reflect during a quiet moment to actually GROW and expand himself in some new direction?
Our new leadership fails to see the sense of shared sacrifice that Intel’s leaders exhibited as they pursue enormous, but industry ‘average’ benefits while treating their employees like disposable commodities.
Why spend weekends solving problems just so some TD jerk can yell and insult at the result on Monday mornings? In the long-term, nobody will care, and it just won’t matter.
I will remember the original Intel fondly, even as pride associated with being part of the ‘new’ Intel have been severely diminished. The days of being an external employee advocate for Intel are over for me. Who would want to go recruiting at a university for new talent knowing how our senior leadership treats employees as garbage to be taken out once their most recent value has diminished?
This isn’t a lengthy blog post, it’s a mourning eulogy for an Intel that finally ended. Treat this as an obituary, and to paraphrase an author, print it, wrap it around a brick, and throw it at some shiny corporate glass building, what do you have to lose?
Best of luck to those that were ejected, and for those workers that remain, remember, do not let yourself get lost supporting a toxic set of executives that are disinterest in your long term success, speak of shared sacrifice from private jets and double digit raises, but instead, continuously challenge yourself to grow in skillsets and contacts that enable future opportunities outside of Intel, because after all, you are only as good as your last year.
Signed,
A disillusioned, repeat high performer who has begun working an exit plan (we don’t get VSP offers, unfortunately).