We have an All Hands meeting on Tue. (2/23), notifications should be done before this time. Maybe tomorrow Fri. or next week Mon. This fu*&ing sucks!!
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This is exactly what was said by GK in the earnings call. Headhunter guy nailed it.
"Today we announced our restructuring and reduction in workforce of approximately 12% of total headcount. This action will generate annualized run rate savings of approximately $200 million against our gross target. We expect the majority of this workforce reduction to occur in fiscal Q4."
About three weeks ago, a recruiter told me that "at least a 10% layoff" would be announced on the same day they reported earnings. I have no idea how he knew that, but he was spot on.
Keep posted Guys.... Now when the heck is this gonna happen, before or after GK's All-Hands?
What about WARN act. Thought 60 notice was mandatory.
Could be wrong.
12% of workforce will be laid off. Notifications to start tomorrow 2/18 according to my Sunnyvale sources.
They may not say anything during Q3 press release regarding layoff. The head count reduction and related financials mostly be pushed to Q4.
we'll see what they have to say in the earnings announcement just after 1pm pacific time on Wed 17 Feb......
Being in a state of uncertainties is frustrating. They should have said and done this by now or soon.
Ive seen rumors that they hit the earnings estimates so may be harder to layoff at that time.
*Tsunami.
Finally the day passed, all calm at NetApp. The dreaded wait continues. No talks to be heard. Is this a calm before a sunami?
@Previous reply-
I guess we'll find out today.
2/12 ??... hmmm. Not much inside chatter about that.
Rumor is, layoff will be announced Fri. (2/12) or by Q3 earnings release.
Did you read the other posts before asking that question?
Reorg and changing strategies have been a common thing at NetApp. Something that they had been doing every six months for last two years.
This too is another major transformation. But any idea on workforce reduction? Will there be major bloodshed in coming months.
Management is going through what is being called a "transformation" exercise. Should be completed by end of February.
Expect to see big changes in sales (different ways to experience sales and support depending on how much you're willing to spend); lesser features with limited ROI will be cut.
Headcount transformations (this is the new buzz word, get used to it) will occur Feb - April (by end of Q4). Expect to see Kurian pounding his fist talking about how he is transforming the company to align to the strategic operations that differentialize the efficiencies so that the company is positioned to weave the fabric that unites the heavens, resolves world conflict, and brings the hybrid cloud within grasp of the little everyday people and the big corporations they hope to work for once Obama gets out of office and the economy can start churning again.
Any latest news ?
Doesn't this happen every year?
Good luck every one. 2016 will be make or break for the Company with its people being no more the budgeting tools to be used as collateral in determining who has something to offer the company something.
Inside the walls, the internal chatter is to expect 2000 to 3000 to be let go in January. A layoff of this magnitude will require a 60 day "notice". NetApp bonuses are paid out to employees who are on the books as of April 29. Back it up 60 days and you're at Feb 29 for NetApp's drop dead date to shed its workforce to avoid paying out bonuses to those impacted.
Whether the actual layoff is in January or moves into early February, the internal talk is that following Kurian's all hands meeting, the layoffs are indeed on their way.
Any casualties?
Kurian just held a all-hands and announced additional layoffs are coming.
This was just confirmed on a managers call that the number of employees is still to be determined.
Does not appear to be in preparation for an acquisition but a restructuring.
Inside knowledge
Inside info, or suspicion based on circumstances?