Thread regarding NetApp layoffs

Lol! True.

To the initiator of this thread:

F--- OFF YOU STUPID DOUCHE!

This is s forum for discussing potential RIF's, not a forum for you to stick your tongue up George Kurian's arsehole.

the so called merit hike, was skewed to favor a small percentage of people and everyone else was given peanuts -- most were below the 2-yr inflation levels at all locations. Check out the math with HR and Finance

Y'all need to get back to work now. Nothing to see here. And employees did get merit increases just months ago. So hush yourselves.

CEO sold ~48,000 shares a few days ago. "Sell High"?!

http://www.webbreakingnews.com/2016/08/29/netapp-inc-ntap-ceo-george-kurian-sells-48176-shares/

"Does it matter? His well-being is not determined by employee satisfaction. His well-being is determined by stock price and how much money the board makes of it. Employees get 0% raise, and he takes a >200% raise should tell you what his priorities are. Unlike some really successful CEOs who took $1 annual salary until they turned around the company."

To be fair and balance, those CEO's who took $1 annual salary did not do because they were american patriots who sang the star spangled banner every day morning. These CEOs who took the $1 salary held a significant part of the company by way of % of shares held. They all made out like bandits when the company shares went up.

I am by no means a fan of GK, but the reality is after the cut the stock jumped 50% and the market cap balloned by 3 Billion. Against that back drop, a 10 million salary is reasonable, IMO, which is a miniscule 0.3 percent of the jump in market cap.

Not poppycock. After the Titanic hit the iceberg, it bobbed around for a while. Same thing.

So it's all poppycock and all this will blow over at some point unless they keep doing repeated layoffs?

Oops.

He made the balance sheet better.

Really respect? All he did was cut costs. He didn't make the company better. It's pretty easy to lay people off in droves when you are making millions. Yes, good on him to stop the bleeding, but don't kid yourself, he not made the balance sheet better, not the actual company.

Can he and the exec team do the same for employees?

Does it matter? His well-being is not determined by employee satisfaction. His well-being is determined by stock price and how much money the board makes of it. Employees get 0% raise, and he takes a >200% raise should tell you what his priorities are. Unlike some really successful CEOs who took $1 annual salary until they turned around the company.

El Reg, as usual, hits the nail on head with this headline: "'Disciplined' NetApp cuts weight, turns in a prettier spreadsheet". That's all it is, NetApp has reached the sad state where they cut heads purely to make numbers. Telling points:

NetApp revenues dropped 3.7 per cent year-on-year to $1.29bn for its first fiscal 2017 quarter, ended July 29, but it turned a year-ago loss of $30m into a $64m profit as it reined in expenses...... Compared to the previous quarter revenues declined 6.5 per cent from $1.38bn but profits rocketed up from a loss of $8m.

In other words, sales are still declining drastically, but the March layoffs made it look OK on paper. Guess what's coming in October?

What about the quarter results being so good for Q1?

If you think things are turned around you haven't been paying attention. Stock prices jump ahead of big "cost cutting" (read: layoffs) measures. NetApp is on a downward spiral with the occasional stock jump due cost cuts so GK can make sure to get his annual pay increase and the stock holders can have a planned time of year when it's good to sell the NetApp stock.