Straight from the SVP of OnTap Engineering today.
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This is a sign of a failing company in it's death throws. It's a big giant dying beast and I feel more sorry for the people that are left and will get the "do more with less" bullsh-t mantra pounded into their heads every five seconds. The stress will be overwhelming and the leadership will fail.
The CEO won't be successful in warding off the stock price drop below $60 a share because the Fed keeps hiking up interest rates. Cutting your staff to the bone and trying to replace it with AI and automation won't help either. Those are both short term solutions to a longer term leadership problem. It's easy to lead in good times. Only the real successful leaders shine in had times.
NetApp also had a majority share of it's money wrapped up in the failed SVB bank. So the writing is on the wall for NetApp. The company will continue to fail until Kurian and most of the current leadership is fired and replaced. But the Board needs to take quick action to try and save the company. If Kurian and the current leadership stay in place NetApp will go out of business.
There have been silent layoffs with a handful of people in teams cutting cut, but 100% certain a layoff is set for May. Confirmed with multiple Directors... My Director at NetApp is for sure on the list and scrambling to try to cover for themself. They are fully out of the loop and bypassed by their leaders....
Do your job. Stay current in ur field. You’ll be fine.
Yeh aforementioned vp guy interupted the product guy who literally said “challenging question …” . Vp bs alert.
Cool down buddy with ALL CAPS - always take that with a huge bag of salt. Even if it were true, use the time to prepare and move on. I mean how long are they gonna stop themselves from laying off again? 1 quarter? 2 quarters?
The story is bound to repeat again.
And you are surprised at that answer?
Is this supposed to be reassuring? Why would they tell us about an upcoming RIF? Nobody does that. Did they tell us about the first one?
One said "tough question...", one said no plan on 2nd RIF (today? this week? did not specify timeline).
Who do u believe?
That's even bad than having layoffs - that means more of slogging in an area with no improvement in knowledge or pay