Thread regarding FTD layoffs

New C-levels management

Looks like FTD (Nexus) is installing new leadership. Check out the management section on Several new executives a new CEO in March and new COO and Creative Director in May. What is Jay and Aimee still doing there? My guess they will be gone soon. Stay tuned to this Bat Channel for more as I am willing to bet they get the axe soon.

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Post ID: @OP+154rAbmz

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Wonder if Nexus was desperate to get a warm body in as permanent CEO?

I looked to see if he'd been a CEO before. He does have experience in digital transformations from what I saw online, but do not see CEO experience.

Maybe they needed to find someone who actually wanted to run a just-got-saved-from-drowning company? Because he gets to be a CEO?

The last PE-backed company I worked for did this to entice an assistant VP away from a hospital to go work in a "roll up" platform company (I did an HR internship for a Leonard Green Partners portfolio company and worked 2 years in early out A/R for a Waud backed portfolio company). They made her Vice President, so she finally got the step up job title she always wanted. You could tell she'd go for it. Fashion clotheshorse, really good looking, made up, 2 degrees, EPIC certifications, all about status and upward striving. How do you lure that person away from a major hospital system as assistant VP to join a new venture as yet to be proven in the marketplace? You offer her the aspired to job title of not assistant but full on Vice President this time.

Yeah, and then they merged and made Prom Queen Prima Donna redundant. It was hilarious. She didn't like me because I didn't take bullying and she'd made a bad team lead hire. She tried to get rid of me, only big mistake! HR had invited me to come back to the company for a higher paying job after the one I left for relocated their office to Plano, Texas. So I had letters of recommendation in my file from the last COO and the Director and HR loved me. And then this woman saw me as a threat to her bad hiring of team leaders reputation and tried to get rid of me (I got an immediate transfer; she got axed due to the merger making her redundant).

But that's how you entice leaders to take on riskier projects, by offering them something they want, like getting to be a CEO. Normally, your CFO has the requisite experience to step into the CEO role. In this case, it looks more like they wanted someone with digital transformation experience and/or could not find anyone with CEO experience who wanted the job.

Clarke, of course, had just gone through a "mutual" agreed upon departure from Eastman Kodak. He needed a job. FTD under Nexus needed an interim executive chairman while he was between permanent CEO gigs. Clarke had more CEO experience, though. Wonder why he was never made permanent, unless he didn't want permanent for some reason?

FYI, if looking to start a small side business to put something on your resume during the COVID-19 hot mess of a recession, Legal Zoom offers inexpensive 30 minute consultations. Quite impressed. Before them, some id–t was rushing to get $1500 fast. Cut me off before I could say my business idea. What respectable lawyer agrees to be a registered agent before finding out if the business idea is even legal first? As with leaders, there are some lousy lawyers out there, as well. I found better quality through Legal Zoom. Be careful. Check people out carefully and trust your instincts.

Waiting to see when Charlie commences the next round of layoffs. LOL

Bet $ it happens! Just as with the slowly dying Kodak. It's just downsizing slowly into irrelevance.

Post ID: @bfmm+154rAbmz

I am surprised that Nexus would bring together this rag tag group of people to turn FTD around. The CEO is the biggest joke - no pedigree in c-level and is well known in eCommerce as a b—s—ter of the highest order. He basically did nothing of note at samsonite except throw expensive dinners at any conference he could speak at and where he would talk more about his wine collection than what he had delivered for the business! He’s also assembled a team that all looks like they did a few things every few years and all at unknown brands or companies. And of course they are all his friends from those dinners!! Of all the years spent dealing with executives at all major floral companies, I am yet to be so underwhelmed as I felt talking to Charlie. He’s as fake as it gets and I feel sorry for those that are pinning on a turnaround at FTD. I would be surprised if his overlords in private equity will allow his charade for even a year. Watch out this space for his own lay-off post:)

Post ID: @8blp+154rAbmz

Frankly, smart PE firms should protect their investments by incorporating the B-scan:

It keeps the wrong executives out.

You want executives like CEO extraordinnaire Marc Benioff or Mark Cuban from "Shark Tank," genuinely nice guys (any CEO who is into both new agey meditation and hangs with Metallica, who this commenter had the pleasure of meeting on the "black album" tour, is pretty cool). And who's a great female CEO? Probably Oprah Winfrey and Judith Faulkner, who built Epic Systems (though have read she's brilliant, yet intensely private).

I strongly recommend B-scan.

Frankly, it should be given to members of Congress, too, but I digress...

Post ID: @1ddh+154rAbmz

I totally said on another thread that Nexus should install new leadership over the current crop of dead wood.

I'm sorry, but unless you are Mary Barra from GM, who gets elevated to CEO after years of loyalty and it makes sense why you stay, you just look like you are unattractive to other companies or very expensive if you've been there 18+ years.

Damien from Nexus isn't a fool.
The dude went to Notre Dame (check his bio).

Bet some people are getting axed by the end of the year. Have seen this at a revenue cycle management portfolio company that ended up ranked top vendor in Black Book-

Some of the above RCM firms were private equity backed.

Mitt Romney got flack for how Bain Capital made money, but honestly, university endowments and pension funds invest in private equity funds to get higher returns. Coming from a State with an underfunded pension system, and having worked hours at a past employer fighting with Blue Cross to pay a retired fire chief's claim a year ago, you know...firefighters with underfunded pensions? They're heroes! All for helping get good returns for these public pension funds.

But yeah, if you need to turn a company around, you need to bring in new leadership with ideas that aren't stale and outdated, as may be the case when you have a cult-like, insular culture.

And you KNOW the marketing people are going to be replaced. Bet $ that happens.

Post ID: @1sij+154rAbmz

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