Will there be layoffs in RCS ?
15 replies (most recent on top)
@40b shout out to being so real here. Managers have no clue what’s happening but you’ve given us raw insights. Heard that Youngstown office is closed. Shame, but expecting other locations to shut down.
@2tf My contacts at Citi C-Suite called him Sideshow Bob for how good he was at “sideshowing” (distracting people while he destroyed the org and $$$). He is exactly the person I would hire for the C-suite if I wanted to do what Sanook is doing. That Google partnership has his fingerprints all over too. It happened with healthcare SaaS recently too. Partner with Google and cut the force to nothing, raise value with an A+ brand attached (and seemingly apolitical), and sell it off.
@2hb I have been around long enough and in a variety of industries beyond fintech to know this: Sometimes a CEO is hired for this exact reason and reputation for making a board and shareholders a ton of money is only improved. He wouldn’t shake my hand because I was one of Phil’s hires. He didn’t tip a waiter at a popular Norwalk restaurant. He wants to close so many smaller offices and consolidate it all n NY. He doesn’t care about reputation. He’ll be off to London, richer and with a lot more time.
@2tf I suggest you to start reading more on selloffs to and by PE and start updating your resume.
@2q8 But does it make sense for him to replace the entire C-suite and bring some of his own people onboard (such as Bob Stolte) if his plan is just to sell the company?
I agree that there would be regular layoffs in the future though, and that the company size will shrink a lot.
@2q8 100% anyone who can’t imagine this happening isn’t paying attention. Look at the exec severance agreements, they leave with truckloads of $$$
@2q7 .. also, he won’t care about his “reputation”, whilst he fills his pockets. His role is to do the dirty work (much easier to have an outsider do it - with no emotional involvement) and then he will get parked by one of his buddies/connections in a board etc role.. and so the world keeps turning.
@2hb Are you kidding? Have you been paying any attention the past year? That is EXACTLY why he was brought in… sigh
@2f3 dynamite username!
But seriously, I don’t doubt it. Seems that’s the way it’s trending w/ all the reorgs
@2f3 Do people in the CEO's office say his plan is to sell the company? That does not sound very good for his reputation as a new CEO
Word from people in Sanoke's office is that every group has some coming. He wants to shrink the company size by a lot to increase value, in his perfect world, for sale. Create an AI-driven tech company worth more than anyone else, shrink the overhead to almost nothing, and bail.
I haven't been laid off yet, but I have heard conversations first hand.
@bm is that not under engineering?
What about data solutions?
product first, theyll let dust settle like it has been for eng, and then RCS.
No one knows but realistically probably. Product is rumored to be first before RCS however.