Merry Christmas! January and February are going to be he-l. Good luck everyone.
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Before JD came to Nike, he bragged about how he isn't afraid to lay people off. I firmly believe the board installed him to cut costs. He doing the boards dirty work and getting paid nicely to do it.
Not surprised, unfortunately, but I’m sorry for those impacted. I’m a Nike “retiree” and I’ve started buying other brands at full price the past few years because there hasn’t been much I’ve wanted from Nike, even with my lifetime employee discount. :(
Quote: "We will be embracing a $2 billion savings plan to create investment capacity. This will include making changes to our organization to drive greater alignment, speed and simplicity. These changes will impact some of our friends and teammates. It will be a difficult process, but we will lead with respect and thoughtfulness as we move forward".
Translation: We'll fire a bunch of you. For those who'll be lucky enough to stay, we'll make their jobs impossibly hard by cutting down on all expenses.
Company Town Hall now! Stop the sh-t show. We want to hear from our leader and ask questions.
If JD and his 8 to 10 goons all go, there's your 450M severance package right there. Bye, Felicia.
Have you heard the call? OMG Matt Friend saying: Sure, we'll fire people but then reinvest in the consumer. Guess what motherf#@(*@#, the consumer cares about a company's soul!
The comms team is still drafting and they're all out of sports metaphors. Either that, or they've been fired since their advice is never followed anyway, and it's reorg time!
- Comms person: John, maybe you should lead with honesty and authenticity and engage staff like they're real people.
- JD: No, thank you - i'll be wearing my human suit tonight and using chat GPT to draft my earnings script + sad internal memo.
C'mon JD. Tick Tock. Send your e-mail. Can't wait to read all about how many people we'll be letting go of and why - oh wait, you'll evade as always and blame us for your failings: Work harder, they say. Rest when you're dead, they say. There's no company like Nike, they say. We've got your back, teammate, they say.
Unsettling news at the worst possible time. In a rampant cost of living crisis, this disregard for people who give blood, sweat and tears is frankly disgusting. What's worse, investors hear it before we do. They don't even have the decency to break the news internally first. Un-fu--ing-believable.
What a joke. Waiting for JD's sad memo any minute now. This clown better get us together for a proper town hall or listening session, so we can speak our minds.
400 VPs, need i say more? Start there. Then Directors and Senior Directors with no headcount can go next!
Sigh... quietly returning wife's Christmas gift while there's still time. Every penny counts. Buckle up, everyone.
Very poor management. Out of control on so many fronts. I’m sorry for the people at Nike who have to deal with this. I’m a shareholder too and the Management is losing market share and failing year by year.
I’m just glad JD and his team are so brave. Layoff a ton of people because of your trash strategy plus poor hires and don’t give up your salary and benefits - what a courageous decision.
Remember back in 2020 when Nike basically stopped all innovation research because of COVID, and then shifted the focus to never ending DEI and woke convos? Now we see the results with a 11% after hours drop of the stock price. No exciting product, competitors taking our space on the shelves of wholesale partner, no inspiration and a stock price in the gutter with massive anxiety due to more layoffs. Well done Nike leadership, well done…
Global Technology 3rd week of January for layoffs.
All this time saying "we're not doing another reorg, we're just redeploying"... LIES. This is a mass layoff to 'trim the fat' instead of owning up to the fact we're not profitable because the people at the helm su-k. This is my third strategy in 5 years... get a hint will you?
Keep on beating JD. our morale is almost improved. Just a wee bit more to go.
I can’t believe how bad this is and that they’re literally sharing it days before Christmas… never change JD lmfao
What a great Xmas present. I'll guess I'll be eating straw like Jesus' donkey...
Have been waiting for the other shoe to fall, now it's here lol