421–430 of 596 posts
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Given the stock went up 9% on this announcement, he just made $500M.
Against the backdrop of losing like $5 billion over the past 12 months.
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Seriously? What 'fairness' exactly is it people want when companies do layoffs? "Hey, we are laying off 3,000 people. Because of that, I am firing myself and the company will no longer have a CEO and will have to find someone else, starting immediately. In addition, I plan to donate all of my life's savings and file for unemployment like everyone else and, if needed, live in my van down by the river. I hope this make…
"Because of that, I am firing myself" A team does terrible for awhile -- should the coach be removed? A company does terrible -- should the CEO be removed? This is what accountability means. Just this year I was hired by a Board Of Directors, of a startup with 150 people, to do an evaluation of the technology and code, and I found epic levels of tech debt and irresponsible decision making. When I gave my report to th…
All laying people off means is that there are items that the company will not be executing against in the future. It may or may not mean that they're in a bad spot, but very often - and the case with many of the current tech giants laying off that we're seeing - it simply means they grew more than they needed for the road ahead.
Whether or not that's good or bad is a fair question. It was asked on a previous thread whether we as a society should be comfortable with companies gabling with the jobs of their employees, and I think that's a worthwhile question. But it most certainly does not mean that a company is "doing terrible."
> To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus. Members of my executive leadership team will reduce their base salaries by 20% for the coming fiscal year while also forfeiting their FY23 corporate bonuses. Eric is probably already wealthy and can withstand a 98% cut to his base, but I definitely respect him more for doing that than the nothing other exec…
> As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions. To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus. Members of my executive leadership team will reduce their base salaries by 20% for the coming fiscal year while also forfeiting their…
This is probably the best you can hope for in terms of fairness right now. You'll never see executives put themselves financially in the same situation as the lowest level people they are letting go. This is actually a pretty big step, but the move will need some benefit to the company for it to become more common-place. They might roll these bonuses into subsequent bonuses, but that may actually end up being a motiv…
Any CEO in his position is accountable by default. They lose a literal fortune when the company doesn't perform. This meme of "but how are you taking accountability" confuses the heck out of me given this context.
Yay.
Zoomies??? stop using this language, these are people with a life outside your company. Refer to them as such, not fck zoomies….
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>"You were used" is a bit much. You go to work to earn a paycheck. I'm not sure how many people bought into the whole "we're a family" stuff, but obviously these are for-profit corporations and they are beholden only to their shareholders. There was never the illusion otherwise, unless you truly believed that now that you're in, you're in. There is a lot of corporate ink spilled trying to convince people of exactly t…
If people are always "protected" how do you deal with low performing companies? If Zoom becomes unusable because it is crashing all the time and everyone switches to another service where do you think the money is going to come from to pay these "protected" employees? Fire the CEO, sure, but where is the money coming from for the thousands of other employees?
mentor them? help them find a better position? change managers? lots of things you can do before firing... also i think the word "protection" the previous commenter means is 'protection from random/mass firings/layoffs without cause' not firing for being lazy/sabotage etc
Earlier quoted context omitted.
Seriously? What 'fairness' exactly is it people want when companies do layoffs? "Hey, we are laying off 3,000 people. Because of that, I am firing myself and the company will no longer have a CEO and will have to find someone else, starting immediately. In addition, I plan to donate all of my life's savings and file for unemployment like everyone else and, if needed, live in my van down by the river. I hope this make…
"Because of that, I am firing myself" A team does terrible for awhile -- should the coach be removed? A company does terrible -- should the CEO be removed? This is what accountability means. Just this year I was hired by a Board Of Directors, of a startup with 150 people, to do an evaluation of the technology and code, and I found epic levels of tech debt and irresponsible decision making. When I gave my report to th…
If the Board fails to do its job? What, then? Yep, shareholders have to intervene.
Which leads to what happens if the shareholders themselves don't figure out what to do or the right-decision to be made? Well, they lose a bunch of value as the company's value [eventually] plummets.