My prediction, 4th quarter miss followed by Martha getting walked out the door. No way he survives another miss and the numbers aren’t looking good. Over promise and under deliver=leadership’s new motto. I just wish I could slam the door in his smug face.
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Has there ever been an instance during his tenure as "CEO" where the company wasn't failing?! In any other circumstance when an employee is not performing, they get written up and then terminated. So what is it going to take before he is ushered out the door with his platinum parachute?!
The RIF affected people who were working hard in their respective roles ... paycheck-to-paycheck employees who now are struggling to manage because they've lost their jobs due to no fault of their own.
The Board needs to take a vote to execute a RIF at the senior level and also put their foot down on the massive hiring and promotions that are happening after countless people were let go.
Hypocrisy is not the way to run a global organization, but it is a great way to destroy it.
It's "smart CEO" to tank a quarter and then recover the following quarter? Where did you get your MBA? University of Phoenix?
Geoff's problem isn't a bad quarter, it's a bad 3 years. It's also a bad 3 years of performing worse than our peers.
Go on, blame COVID, supply chain and the strong dollar. Apparently, macroeconomic factors don't affect JnJ and Abbott.
Oh and then there's the whole issue of horrible OHS scores. Is that Biden's fault too?
I disagree with the OP. A bad 4th quarter justifies the RIF (at least as far as Wall Street goes). And he can take a large write off in the 4th quarter and into 1st quarter. That would mean the GAAP (or non-GAAP, not sure) numbers will look great next Q4 and Q1 of FY25.
The numbers don't recover for over a year, so Geoff is safe for at least another year and a half or so (and looks like a really smart CEO).
@xfd+1meoie4k You’ve got a better chance of getting Hamlet from the monkey with a typewriter than getting Geoff to take one iota of responsibility for any of this.
It’s “macroeconomic factors”. It’s Covid. It’s nursing shortages. It’s the strength of the US dollar. It’s supply chain (which is totally not his fault either). It’s the entire world conspiring against this poor guy. But none of it is his fault.
Chat GPT had a good suggestion for Geoff to come clean about his performance. I think an Ai CEO could eventually reverse most of the damage caused by GM.
Geoff, if you are reading this, please take note. But also, please resign.
Dear Employees,
I am writing to you today to apologize for my failed leadership in recent months. As the CEO of this organization, it is my responsibility to lead by example, to make sound decisions, and to ensure the success of our company. I have fallen short of these expectations, and as a result, I have let down our employees, shareholders, and stakeholders.
I understand that my decisions and actions have had a negative impact on our organization, and for that, I am truly sorry. I take full responsibility for my mistakes and the consequences that have resulted from them. I want to assure you that I am committed to making things right and to regaining your trust.
Moving forward, I will be taking a step back from my day-to-day responsibilities and focusing on making the changes necessary to ensure the long-term success of our company. This includes bringing in new leadership, improving our communication and collaboration, and implementing new processes and procedures to prevent similar mistakes from happening in the future.
I want to express my deepest apologies to all of our employees for the impact that my actions have had on your careers and your lives. I understand that trust is not easily regained, but I am committed to earning it back through my actions and dedication to our organization.
Thank you for your continued support during this difficult time.
Sincerely,
Geoff Martha
@ulv+1meoie4k Even if he and Karen stay, we’re still doomed to a continuing cycle of re-orgs; it’s the only trick in his bag. He came out of the gates with one three years ago and now he’s going back to the well again. Do you think this one’s going to solve the problem? And if not, what do you think his solution is going to be next time? At this point I’ll gladly take the devil I don’t know on the hopes that they’re marginally competent.
As for giving up MIP to make him go away, I’ve got news for you: we’re already giving up MIP having him stay. Zero in ‘20, significantly reduced in ‘21 and ‘22, and heading towards a big fat zero for this year. At least a monkey with a typewriter gives you a chance at getting Hamlet. No such hope with our current leader.
I heard we are going to meet fourth quarter which means he’ll stick around. If he’s gone that means Karen goes which means another set of leaders and another set of re-orgs.
This is day three and I’m feeling so much better not being there to witness this
He will be out and Medtronic stock will pop
Give him the parachute, just get him out of here. At this point I would give up some MIP just to see him gone… that’s if he decides we are worthy enough for your highness to throw some pocket change down to his groveling subjects.
The mo---------r is gonna get a fat payday so he's gonna be laughing to the bank. I hope they can find some cause to let him go without a golden parachute.
Worst CEO in Medtronic history...and that's saying something