Thread regarding Fiserv Inc. layoffs

Go review the IBM layoff page and you will see FI following what has been going on over there for years! Following the tax breaks. It is about that goes into their pockets not employees.

According to google: The average CEO tenure for the S&P 500 is 7.2 years. The median CEO tenure is 4.8 years.

"They reportedly pay their CEO $100 million a year for doing little or nothing important or relevant while creating major problems that did not exist before. That should be a clue right there. "

This is not a Fiserv only thing. The reason they can do this is because every company is doing the same. Labor always gets the short end of the stick, this company is just worse than others.

"The purpose of the ceo is to maximize profits for shareholders and, at the same time, minimalize costs whenever possible."

That's the purpose but it needs to reflect reality. A CEO can fire all the staff and go to Vegas and gamble with the company's revenue. He might win big in the short term but the house always eventually wins. So for a short window it looks like he is doing spectacular but it will eventually all come crashing down.

The mitigating factor to your point is that many (maybe most) employees are also stock holders. This means the CEO is meant to be just as accountable to the rank-and-file as external stock holders.

Of course frank has upended that by making himself president, chairman, and ceo (as he loves to be referred to constantly) which has allowed him to focus on himself first, cronies second, major stock holders last, and everyone else can eff off. They can get scraps... maybe.

Well, it is their company, not yours. The people are just numbers in the resource folder. The purpose of the ceo is to maximize profits for shareholders and, at the same time, minimalize costs whenever possible. If shareholders are happy, then the ceo gets millions while the regular worker will struggle. The only thing that workers can do is look out for themselves because the sad reality is that nobody even your manager, recruiter or HR will do that for your. Be always open-minded to switch to other companies. Always check if you are fairly compensated.

There was a shareholder proposal a few years ago to separate the board chair and CEO so one person cannot hold both. Of course FB and the company put out a statement against the shareholder proposal. And the proposal didn’t receive enough votes to pass.

When Jeff was CEO, the roles were separate.

Having one person. As CEO / Chair isn’t illegal and I’ve worked for other companies where it’s been the case. It is arguably not good corp practice though as you aren’t really accountable to anyone. There are various management consulting schools of thought on whether the roles should be kept separate but it isn’t banned.

I quiet quit long ago. Now to quiet quit in the office harder.

The OP got it perfectly but invertedly.

They are managing EXACTLY RIGHT to do the only thing they want to do: extract for themselves as much money as possible.

Anything outside that narrow scope is a distraction.

What do you expect when this place is run by crooked individuals ? Milk it until you find another job.

Additonally, the CEO is also the President and Chairman of the board which should be illegal. The Board is the group who fires CEO. With him as chairman, he can't go anywhere and has an iron clad contract which was extended a year or two ago.