Thread regarding IBM layoffs

Red Hat CFO departs company three months after IBM merger

Another one dives overboard.

https://www.newsobserver.com/news/business/article236001743.html

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Post ID: @11sWpuuF

12 replies (most recent on top)

This guy also worked in Nortel Networks finance. Nortel remains the largest tech scandal in Canadian history going from a market cap of $250 billion with annual sales of $30 billion in 2000 to Chapter 11 nine years later. Who knows? Perhaps he learned a trick or two.

https://www.theglobeandmail.com/report-on-business/nortel-auditors-actions-revealed/article1357905/

When IBM acquired Cognos, the CFO was let go six months after acquisition. 3 days before he left, he turned in a brand new BMW M6. I understand that he got his full $6 million payout. The CEO lasted 2 years and got $31 million. These people do not suffer.

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Post ID: @11sWpuuF-4oof

I agree with 4ryb. He was either cooking the books or he went 6 sigma off the reservation (s-xual harassment etc etc). He’s 50 so it’s definitely not age discrimination. (NOTE he would have gotten his 4 million if it was just age). He did something he shouldn’t have and got caught

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Post ID: @11sWpuuF-4maf

How old was he ? Sounds like age discrimination if he’s older than 55 .

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Post ID: @11sWpuuF-4dig

I’ve been in the consulting biz for a long time and I did corporate restructuring for many years before going to IBM. I can tell you that CFOs get fired for 3 reasons-

  1. redundancy (this happens during mergers)
  2. harassment- although this is rare and hard to prove
  3. fraud

With the inflated price tag of RedHat, I’m leaning toward #3.

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Post ID: @11sWpuuF-4ryb

You don't randomly fire execs without severance, and absolutely don't gin up something against them. Those are people who can afford very good lawyers, and aren't afraid to use them. U less it's egregious behavior, there's always some sort of settlement.

What it does make me wonder though, is if red hat is ibm' autonomy. Were the books cooked?

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Post ID: @11sWpuuF-4omj

This smells like another case of IBM ginning up a reason to get rid of this person (yes, even an exec) to avoid paying the large retention bonus. Do you think IBM wouldn't do this?? Well...we all know the answer to that. IBM is rotten to the core. I wouldn't know this guy from Adam, but don't be surprised if you see IBM trying to smear this guy thoroughly. It's all about IBM working to install their own people into the key positions at Red Hat – the independently run subsidiary of IBM...lololol.

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Post ID: @11sWpuuF-2tgv

This smells like another case of IBM gunning up a reason to get rid of this person (yes, even an exec) to avoid paying the large retention bonus. Do you think IBM wouldn't do this?? Well...we all know the answer to that. IBM is rotten to the core. I wouldn't know this guy from Adam, but don't be surprised if you see IBM trying to smear this guy thoroughly. It's all about IBM working to install their own people into the key positions at Red Hat – the independently run subsidiary of IBM...lololol.

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Post ID: @11sWpuuF-2jqa

Fired for cause. We’ll that’s should be an interesting chat with your significant other. IBM’s web page says dismissed without pay

https://www.bizjournals.com/triangle/news/2019/10/11/top-red-hat-official-was-let-go-company-confirms.html

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Post ID: @11sWpuuF-1cei

LoL. Spot on @11sWpuuF-qcx !! Yes, this really shows who's in charge. The "Blue Washing" process has begun !!

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Post ID: @11sWpuuF-1dnx

From the article: Red Hat reported to the SEC that it would give Shander a “cash retention award” of $4 million if he stayed with the company for 12 months past the official close of the merger with IBM. The grant was part of an effort to keep top executives from leaving the company because of the merger.

Apparently even 4 million are not enough to keep them in.

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Post ID: @11sWpuuF-1zts

It is just the start of the exodus... more people will leave.

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Post ID: @11sWpuuF-1phm

Eric used to work at IBM. He left and rose up the ranks at Red Hat. I wonder if he was waiting around to see who was really in charge? I guess his leaving answers the question.

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Post ID: @11sWpuuF-qcx

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