7% wasn’t enough - shareholders and the board will demand deeper cuts
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They lay off ~300 and have 120+ jobs posted.
This is my own personal opinion after working at Xilinx almost 10 years.
Xilinx Senior Mgmt is clueless and super political so be cautious. Victor Peng was given a smooth path from Moshe and he is blowing it. Victor treats people like cells in a spreadsheet. When he does not want you around, he just hits the delete key without any care to the decision or impact to the persons' affected. He should stop using the word "Xilinx family" when referring to employees. You don't lay off your family members when things get tough...you help them out. Just be up front and say Xilinx employees...this is a business after all and words have meaning.
All he cares about is his "own pride" and only wants "yes" people around him. This has resulted in "less competent" people in senior decision making roles which is sad. We have seen so many great people get let go due to this incompetence culture at the top.
In my opinion, Victor wants so bad to be like Jensen Huang of Nvidia. He is dreaming and does not even come close and needs to stop managing like a COO and start leading.
In summary, Victor seems to keep doing what he has always done and thus he will keep getting what he always got which is NOT good enough as a CEO for Xilinx.
Mid-Year seems right, impact of Coronavirus probably wasn't yet factored into our guidance given to Wall Street. If the economy contracts, either we report a lower EPS or tighten on costs, thereby let people off the payroll. Nothing shocking here, just more of the same to come