Really surprised that this CEO is not fired yet despite terrible performance
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I was under the understanding the severance is 4 weeks minimum (like if you were with the company less than 2 years) and otherwise its 2 weeks for every full year of service.
Numbers always look good when you sell an entire fab and lay off 900 people. Hope the next round of layoffs are offered a comparable severance. Have a suspicion it won’t be. Mostly people with less years left now. Need a good amount of years to get a decent severance.
Initial layoff = 2 weeks for each year over 4 Years of service. Only 1 week per year for the first 4 years of service. Voluntary separations not getting the target number off takers. Will be a 2 ms round of layoffs coming
GF isn't about making change, it is about being a cash cow and TC is doing exactly what the investment group wants, squeeze every ounce of milk out of the cow before it gets sent off to become hamburger. The business model TC and DR are using is very short-term thinking and very tactical, nothing strategic there. They gave very low forecasts/guidance in 2022 to Wall Street and beat their targets which were not even closely competitive with UMC. The real question is when will Wall Street hold GF accountable to meet UMC like numbers? Then how much cutting does TC & DR do in order to make the financial numbers be competitive at the sacrifice of the company's future? Eventually things will crash and burn with this strategy but by then TC and DR will have cashed out their many millions of stock options and RSUs having moved on to greener pastures!! Note, the only strategic items ongoing inside GF are Project Phoenix (IT infrastructure) and project Falcon (development cycle times), both are smoke and mirrors projects where nothing useful will come out of them just wasted time and investment. "OneGF" has been and will continue to be a joke within GF until these types of projects are taken seriously and prioritized over financial metrics.
Agreed it’s the type of employee GF likes or wants. Placid cows. When I first got here I was surprised our managers were not held accountable and that many got promoted up. It’s bizzaro world …. Everyone just goes with the flow and keeps down … I am guilty of it too
I’m not surprised. GF’s employees will never hold TC accountable. They will continue to be complacent in their careers
Real scammer is the CFO, used car salesman smile.
Company still owned by mubadala 80+ pct. Will be subjected to investment fund desires and direction. A puppet.
TC is just a puppet turning the financial wheel and doing what Mubadala/Breen want him to do in order to keep his job. They don't care about future just hype up the current quarter and make the stock price go up. Eventually without any investment in future the walls will start crumbling and the only way out will be to sell off things!!
I have same thoughts about my management chain. They have terrible performance track record and have never ever achieved or accomplished a major goal of theirs. They just got reshuffled and repackaged next year only to be missed yet again.
And that is what happens to with them and by extension us on their teams. We get reorged and shuffled around.
There are of course a small amount of exceptions. But all in all the 1st and 2nd levels of mgt horrendous at Globalfoundries. Just specifically look at the reorgs that occurs in the last year for evidence at how terrible the management chains are. Some of these 1st/2nd line managers are in perpetual reorg and reshuffle mode. They need to go or finally get fired.