https://betakit.com/opentext-lays-off-two-percent-of-its-workforce/
9 replies (most recent on top)
@f6 It will be back. Mindless trolls are like he---s.
What happened to the id--t saying it wasn't happening and we are returning to growth?
@b4 what units, who were the buyers? im guessing like the SMBC unit?...huge consumer business, they already labeled it non-core
@OP That adds up to just a little over 4000 since March 2024.
Sadly, it is going to get a lot worse. Bringing some old guy out of retirement to become CEO shows that a) no one wanted to take the helm of a sinking ship, and b) no one on the board has any guts to try something new. The new CEO comes across as unapproachable and unfriendly when he speaks to the company. If he thinks that he motivated anyone to perform better with his "you can feel guilty for not working on the weekend" statement at his first quarterly all-hands, he's mistaken. The fact that he will push people to be rigid in doing the minimum and into disliking the job (even more) will lower performance, lower the quality of the work done, and ultimately lead to further decimation. Well done A-man, you're on your way to dismantling this company.
@b4 Watch for consumer-targeted product groups to go next.
@ad There are four business units for sale. In the new GTM model,. they set these up to run independently of the GTM model. They had a buyer for two of the 4 (separate buyers), but deals fell through. The fact these business units have deliberately not been included in the new magic GTM sales model is pretty telltale. They are for sale.
The 2 percent reduction is only what has happened. There are WFRs aligned through end of July,.some.in August, a huge one in October, and another in US in Nov.
I thought there were no layoffs?
The OT response read as past tense (2% this week so far).
Considering they publicly announced on earnings a few quarters ago a cadence of one major business unit a quarter to be sold off (for 5-6 quarters!), bo-m did one deal prior to the announcement then 2 quarters back to back of no action and new CEO's first words on earnings call is they aren't going to "fire sale" any units (read between the lines, anyone looking for any of this tech is throwing low ball offers) the 2% RIF is surprising small. Either they have larger WFR planned (or hand will be forced if not divested BUs) for later in the year or a BIG BU selloff is cooking and they don't have to the dirty work of firing everyone, will let the acquirer deal with redundancy post deal close. The publicly discussed targets for optimization clearly leave lots of Riffing ahead...