Noble need to do the same...CFO, CIO, all VP, etc....
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Is the board stupid?
I think #1 there need to be laws that says before ANYONE gets laid off, all execs must forego their bonuses and raises until the situation improves. AND #2, IF they do need to layoff say 10%, that is how much reduction their salary should be, by 10%. Layoff another 10%, that means ANOTHER 10% cut in their pay. They need to feel the pain. Those bastards are just getting richer, and not doing sh-- but throwing people under the bus left and right. I see it all day.
So it took them this long to find out where the real problem is? Now that all the people who actually do the work have been laid off, and they wonder why their profits keep slipping at a faster pace....DUH.
Very top heavy company. Lots of upper and mid level managers that do nothing but pontificate, slow down the process and add no value. They are also highly compensated. Next round of layoffs should target these worthless fools. Won't happen though. They provide cover for the even more worthless execs.
Why do you need CIO (VP Information Technology) when the company is bleeding money?