Thread regarding GlobalFoundries layoffs

IPO

I recently left GF after 2 decades including its previous entity. I usually just read the postings but I just wanted to express my feeling anonymously over the recent IPO event.

I knew the senior management had no plan to offer the shares with their employees judging from the multiple all hands with CEO, where CEO deliberately avoid answering the questions about IPO until people get to know and stopped asking the questions.

I was thinking that I didn't get hurt with that as I had very low expectation but when it actually happened and saw all the "celebrations" in linkedin mentioning it's great achievement of the great team, I felt agony and rage.

So, they decided to NOT reward their employees who worked there for 10 years and 20 years, yet they reward level 10 and above regardless of the service length.

They gave the notice of IPO stock purchase at the open price just couple weeks ago, I guess lots of people missed the opportunity as they do not have 10K in their bank account. So, guess the left over shares would also flow to the senior management's pocket.

They offer 50 shares to the employees IF ONLY they participate ESPP. What if one is not paid enough to save for ESPP? Why they're putting the condition to offering shares?

I don't understand what is the logic or morale behind these decisions and I guess I would never know except the greed of the senior management.

I am so so glad that I could escape GF before the IPO as I would've found psychiatrics or therapist for my mental health if I was in GF. I even feel some pain and anger for this events even after I left, as I was and am still a bit attached to the GF emotionally after 2 decades of service.

Well, GFS price is going up, so happy for my fellow ex-colleagues, please sell before senior management lockup is released early next year.

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Post ID: @OP+1e3EBHbT

8 replies (most recent on top)

Looks like those with unrestricted bonus shares are unloading for the holiday.

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Post ID: @gdgf+1e3EBHbT

Cannot believe GF still use "WE" when discussing IPO, what, you got a mouse in your pocket.

WE were left out (No RSU) so please stop referring to WE during any discussions of stock.

We are too poor to do insider or outsider trading.

Ruined my day with that BS email.

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Post ID: @ebyk+1e3EBHbT

Stock price is up to $69 as of today. I bought in and glad I did.I plan on purchasing through the ESPP as well. I've been in the industry over 20 years and know that if I rely on the company and its policies for my happiness, I'll be disappointed. I've chosen to make my career a good experience. I'm grateful for my job, satisfied with my salary and happy Global is issuing me 50 shares.

To the original poster, you still appear to have some animosity towards Global. That's a heavy weight to carry around... wishing you some happiness. Good luck 👍

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Post ID: @2yzn+1e3EBHbT

Have no money to buy GF stock so do not care if it goes to zero.

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Post ID: @2lzf+1e3EBHbT

@1wld I was being sarcastic. These guys have zero credibility in the IT organization. They've made nothing but poor decisions. That's why people who weren't outsourced are leaving in droves too.

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Post ID: @2lvk+1e3EBHbT

@uen I hope that's not serious. IT has been gutted by outsourcing. I work closely with different teams there and it's nothing short of a disaster. Lots of people opted not to convert to Infosys, and those that did are leaving Infosys now. None of my requests are getting done. I guess Infosys hired a bunch of people overseas, but they can't even do work for "trusted fabs". You don't think those people are responsible?

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Post ID: @1wld+1e3EBHbT

well, thanks for your empathy. GF is the company of half measures and reactionary management. No one believes the 50 shares weren't an afterthought as a result of the valid complaints from deserving employees throughout the enterprise. It's definitely less accessible than other company's incentives.

also, how much stock do you think the four horsemen from Lexmark (CFO, CDO and 2 other Sr Directors) that have been at GF for a year got? They've done wonders for the company and their respective departments!

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Post ID: @uen+1e3EBHbT

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