After reading the notes from the earnings call, one can only wonder what were the leaders doing, what were they thinking, and what value do they actually add. How could they assume that the tube business move would be so simple? Since the 2016 announcement there have been many new high paying positions added to the team. Were they there on sight fixing it? Or standing back? Exactly what is L3 getting from each of these mucking mucks....
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What do we know about the new company? managing style, employee retention ???
I think that the L3-Harris merger will create a more competitive company and they will be better positioned to become the "Sixth Prime." But this is going to provide management with a convenient opportunity to make a lot of moves which will impact many employees... negatively
These predictions of 25% layoffs are wildly inflated. But there will definitely be layoffs, maybe even some plant closings. Let's hope they make these moves while the job market is still good and people can find work.
Textbook management failure which started around 2012, sector management never saw it coming although any line worker could. Proof you can't run a company w/o knowing the customer, product or have a plan for new business.
Starting 2019 with huge financial loss and just announced 12% layoffs, probably just the beginning, Witnessing the unraveling of the entire company.
It is true when you look at these type of arrangements, those in power can select their own package and leave the rest to fend for themselves, so doing so is just following others lead (it's a lot of work to sign a piece of paper). Harris has already announced some of their plans, and L3 also will most likely following suit on getting the best deals possible on "non" core or less glamerous or most risk businesses to clean the slate for the new company. Relax this is just business and this is how business works. Those with Unions will have some protections with protected benefits and severance, the others will be at the mercy of the new organization as always, in the end it will work out albeit some employees may fall to the side in the end the top will be financially taken care of and that is all that counts.
I think the TWT business is taking the rap for the rest of that business. Were they the only ones who came up short? Or just the easiest ones to use as an excuse?
Fist L3T is incorporated in Delaware. Shareholder comes first in Delaware not emploees.
Secondly, in the Merger of Equals, how come is it that the CEO guaranteed himself a $10 Million payout when (of course he isn't) he doesn't get CEO of the combined corporation. That is of course not 18 months after the same CEO froze the pensions of the worker bees.
Where is the rationale for this merger? What awards might these merged companies receive vice what they didn't receive prior to the merger????
All you need to know is they already know what business entities are going to be closed, sold off, boxes are ordered.