Do you think there will be Medtronic layoffs? Any chatter, news or rumors?
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When is HR going to offer the retirement packages like they did last year?
Do they email you or should we contact HR about it?
I have no idea how this works…
Based on preliminary fy25 targets yes layoffs in most functions and some OUs are required. Geoff is really trimming the muscle his successor will have to work with.
The layoff became common knowledge around this time last year. Does anyone have the inside scoop yet? From what I’ve seen the hammer never gets dropped the last day of the year so if there is radio silence for another month things should be “ok”. GLTA
Yes, there was a mandate by our leaders to cut cost by any means possible including laying our most senior employees.
Is there going to be a VERP for those eligible to retire in 2024?
Yes. There will be layoffs until the shareholders are satisfied.
What happened to the guy we hired to essentially improve our stock. That has been clearly a failed effort.
And whoever is on here giving us the rah rah posts, give it a rest. The employees have been taking the hit for too many years.
We need to work very hard, put long hours and keep the earnings momentum going until May . We need to do more with less and ensure stock price is $100 by mid year. That's the only way we avoid layoffs.
"How we've fallen. Fast forward 2 years when he's gone and hopefully Geoff by then as well, and maybe a real medical device leader will be in place to start repairing the damage."
I doubt a real medical device leader will take over. It's all about making quick profits nowadays. Just look at how Medtronic is outsourcing everything including Research and Development and RIFing people critical to the business!
Write a Greek tragedy in 3 words..
"...CTO from Amazon..."
How we've fallen. Fast forward 2 years when he's gone and hopefully Geoff by then as well, and maybe a real medical device leader will be in place to start repairing the damage.
What is there for us to do about this? Should we go on strike?
Hiring the SVP/CTO from Amazon and his first town hall said we need to stop focusing on being a device company and become a software company is like someone used ChatGTP to generate a business strategy based on GE/Honeywell’s pivot to ‘software’
You can tell the priorities of this leadership group isn’t on what has historically made Medtronic a special company, but rather what returns profits to wall street. Free cash flow is only being pushed to increase dividends paid back to shareholders, this leadership group is focused on extracting as much value from this company as they can, a sad deviation from Earl’s vision of how a company should be run.
“Do more with less” right out of the Covidien play book.
“Do more with less” has been the motto since Omar… probably wondering why their motivational speeches and threats aren’t cutting it. Amazing levels of stupidity and mismanagement.
Geoff is desperate to improve margin. There will be regular layoffs as he tries to cut his way to prosperity.
Yes, there will be a RIF. Instead of putting money into R&D, Geoff and his buddies decided that laying people off will be the better option to please the shareholders. Good luck to everyone!
Meh, prolly move Senior people around to protect them an out sourcing for sue IMHO
Yes of course, the stock only gained $4 in all of 2023 lol, truly a testament to failed senior leadership.