https://www.businesswire.com/news/home/20181221005519/en/Seagate-Appoints-Gianluca-Romano-Executive-Vice-President
15 replies (most recent on top)
If you get laid off by Micron, the maximum severance is 12 weeks pay. So. that's how they are going to screw us. It's all clear now.
Honestly, that would be the best thing for Seagate employees. At least the ones that don't get laid off after the inevitable pairing down.
Gianaluca Romano has Italian connection and micron roots. He is the sendahead guy to make sure the Books and execs are in line before micron swallows seagate. The HDD division will be run by micron boys
Maybe Charles Pope can come back. LOL
He was a director not too long ago, but a VP, never an SVP. Probably many finance VPs to turnover at seagate coming soon
Experienced CFO? This is his first time as a CFO.... He maybe an experienced Exec- but not a CFO. Should also check out his LinkedIn page. Looks like a resume posting.. interesting. Head of FP&A only?
Too funny (2aol) but so true.
Dozens of people are working on things that just a few years ago were handled by one person, part time.
Yeah, just go to a technical meeting in Shakopee or Longmont. It's standing room only since everyone is trying to look busy.
It' gotten to the point where they need to install bleachers.
Too much staff and too few products.
50% lay off possible
Yep, Seagate is a debt bomb nobody will buy. As far as trimming goes, it's ripe for it because the company is shrinking due to terrible top management decisions. Plain and simple. There's like 3 or 4 HDD products and 3 big design centers for that? Huge footprint, isn't it? I mean, if you count up global head/disk and mechanical engineers and technicians you'd get over 100 quickly and keep going. There are easily 150+ firmware engineers in the company working HDD for a few products? If we need that many, then are we managing common platforms correctly? Then we have systems which was never properly integrated due to mismanagement with existing duplicate functional groups and engineering from the rest of Seagate. Finally, the biggest money sink is HAMR. I would also ballpark estimate that 30% of all overhead cost is being spent on engineers and factory resources across multiple sites dedicated working on HAMR development. You've got entire product core teams of people staffed right now for HAMR products that will not be ready for years now. So, yeah I expect huge cuts and so should you.
There's nothing to sell but a declining technology that will slowly be phased out over the next decade, along with $4.2T in long-term debt that will mature during a period of rising interest rates. They need an experienced CFO like Gianluca to handle this mess. As 1kpn said, keep trimming.
Voice of the share holder is keep trimming!
The company is far too big for such a small, niche, market. Seagate makes hard drives... That s it.
Thanks
Ya, that must be it.
Your insight is truly amazing.