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deserves the raise for her tough-minded focus on profitability?
Project Chrome, a massive layoff that IBM is pretending is not a massive layoff, is underway. First reported by Robert X. Cringely (a pen name) in Forbes, about 26 percent of the company’s global workforce is being shown the door. At more than 100,000 people, that makes it the largest mass layoff at any U.S. corporation in at least 20 years. Cringely wrote that notices have started going out, and most of the hundred-thousand-plus will likely be gone by the end of February.
...
Of course, the appearance of the situation, in the eyes of employees and the public, is not being helped by the fact amid IBM’s actions comes the board’s announcement on Friday of a big raise for CEO Ginni Rometty.
“Just call her Machete Rometty,” one current (or about to be former) employee posted.
http://spectrum.ieee.org/view-from-t...nderway-at-ibm
deserves the raise for her tough-minded focus on profitability?
Well, revenues, profits and stock all dwindled under her watch. Wouldn't it be wise to wait until she shows some positive results before any rewards? Or that makes too much sense?
"studies have shown" that CEO compensation varies very little (other than upwards), and independent of corporate performance. And when the CEO is let go, $Ms or $10Ms and lifelong benefits in a golden parachute.
Back in 1987. I had a friend that worked for IBM. He called them " Idiots Building Machines."
One of my cousins once worked for them before he and a friend started their own business. He didn't speak good of them. Bad neither, but if you knew my cousin...
He has several patents related to optical IC designs, PHD from MIT.
It's customary to pay the hangman, but I never heard of giving him a preemptive raise, unless it was this guy:
Last edited by Winehole23; 02-04-2015 at 04:59 PM.
Yeah, it sounds like she got paid to absorb the blowback of cleaning up... looks like murder for hire, tbh
If a company can fire 100,000 people and not suffer in productivity it really makes you wonder what the those 100,000 people did.
The first love of my life got a masters in ChemE and worked for IBM for 30 years and retired last year. Her retirement benefits package was the freaking bomb.
Might have avoided the axe... word out there is that they're cleaning up long-time employees...
Yeah, I think she knew it was time to get the out. Like I said, her retirement benefits were the freaking bomb. That's a multi-million dollar pension/insurance gift from IBM as long as they don't go broke.
Yeah, apparently they're giving a bad performance review right before the pink slip right now, basically ensuring their retirement package is either none existent or severely curtailed.
Yeah, defined benefits packages are going to be extinct pretty soon except for policemen and firemen LOL
why LOL? feeling happy?
all obviously worthless. WC concurs.
Seriously WH? Why invent a position that wasn't there? I never said they were worthless but IBM obviously felt the positions were unnecessary.
Subtle reference to SAFD and SAPD blackmailing city council with a substantial block vote. Thought you would get it.
Open a nice red WH. *toast*
They used to be an industry leader. Now they're not. But there's also the new realities of "globalization", outsourcing, and simply technology veering in a different direction.
That said, you don't need a multi-million dollar CEO + bonuses to drop the axe. There's also something inherently wrong, IMO, on what some of these companies have become. It's all about short-term, stock price, activist shareholder, etc... the market used to be a long-term investment. You supported the companies you thought were doing good, and you let them do their thing. You reap the benefits in the long term.
Now you have CEOs gutting companies just to e up the short-term stock price, while they get rich with their stock options, and no vision or future. Ballmer tenure at Microsoft was similar, and that's a company that has been on a tailspin and still trying to figure out who they want to be going forward. Apple almost went bankrupt playing the same game, until they eventually got a guy that actually care about the company, the vision, and turned it around.
But at the core, it's a problem with the market. It's all about the next quarter, beating the Wall Street estimates, product or people be damned. It's become such a twisted, distorted game, with such power players, you have all sorts of "funds" just outright co-opting, stripping and cleaning up companies (big and small) to get a payout from the game.
IBM "flatly denies" report of mass layoffs
http://phys.org/news/2015-01-ibm-dis...g-layoffs.html
IBM chasing ex-staffers for $20 payments
http://www.theregister.co.uk/2015/02...r_20_payments/
IBM to Hire 800+ Workers for Cairo, Egypt Digital Sales Centers Over Next Three Years
http://www.benzinga.com/news/15/02/5...#ixzz3Qrp5PgKg
I live in Austin. Do you hate the police and fire department unions there?
Nearly every day, or I should say, opened for me nearly every day. I'm a buyer these days. I'm guessing you like a nice red too.
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