What is the thinking behind and keeping suspense for that long. In Last February LR, everyone was notified before the weekend after the earnings. Informed and done! Only prolonging pain and uncertainty with LR extension unless there are reasons we are yet to know.
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They planned on announcing on earnings (material information). Reuters didn’t “get the scoop”, a couple of execs broke their NDA (and insider trading laws) to actively leak the information.
I don’t think they planned on announcing yet but Reuters got the scoop
Wrong. The termination date will be Nov 14-16 or something.
Then CFO, Scott Haren is doing some financial engineering to make Q1 numbers look great. Then show Q2 heavy cash out.
Cisco stated on earning call, you 800 millions for LR in FY Q1 which ends in October as announced to Wall Street. That means termination date for most employees must be by October 15.
Wrong. The termination date will be Nov 14-16 or something.
#ELTFail. Again, and again.
I can tell you that the “list” of those impacted
Is not yet decided right now reviews are happening at sr director and above levels first
Line and skip level managers have only submitted candidates - the why wait question is a good one but all I can say is I don’t think decisions have been made. The stack ranking done in June would have been used to build candidate lists
Fran just got back last night from Paris boondoggle
Chuck said they started the process late and are really compressing the timeline. The reason they’re starting the process late is because they didn’t want to tip their hand. They’d rather give the Individual contributors a month’s worth of stress & have them work hard all the way to the Q4 close, than do right by the IC’s.
Cisco stated on earning call, you 800 millions for LR in FY Q1 which ends in October as announced to Wall Street. That means termination date for most employees must be by October 15. Means they get notified latest by Aug 19, this week.
Cisco ELT was partying in Paris at Company expense, and now they suddenly wake up to this task ahead. Bunch of loosers…
It all come down to $$$, Cisco ELT hasn't completed the assessment - how much savings they need to save FY25. There's no growth from HW, growth relies on sw/security in FY25.
In the beat, they said something like they decided to do the layoffs too late and they were actually working faster than normal layoffs. Take that how you will - not convincing on my part.