What's the severance package if any will be offered?
19 replies (most recent on top)
The previous was in response to the message that suggested ITT is logging IP addresses for anyone posting here. Apparently these messages are undated, the new ones go on top, and it's unclear my letter was in reply to the one at the bottom
I doubt that, and that wouldn't do them any good even if they did. This site isn't in control of ITT, they would have to convince people that do control it to hand over that info. That would be illegal, not that that would stop, with all the crap going on these days. But even if they did have ip addresses, so what? They still need a court order to change the ip address into a physical address. That only tells you who is paying the bill, not necessarily who wrote here. And even if they got that far, so what? They have so much trouble coming their way i doubt they would try to dig into more. What you are blindly accusing them of anonymously is ridiculous. That said, hey look what the NSA was doing for years right under everyone's noses..
Be forewarned, I've written a lot.
I worked for ITT as an Admissions Representative for 3 1/2 years. I was laid off about 5 weeks ago. Those of us in Admissions were the first to be let go. It was done in an incredibly professional way. We received severance pay, letters clearly stating it was due to a Reduction in Force, a corporate contact's name and phone number who we could call for any questions we had, and everything we needed to ensure our unemployment filings would go smoothly. Now, how did ITT get into this situation? Good old fashioned CORPORATE GREED! It was discovered that some top executives, including CEO Kevin Modany, were responsible for reporting false information including but definitely not limited to graduate placement rate statistics. However, my understanding is that the biggest offense is that Modany was the architect of a scheme regarding convincing students and prospective students to take out loans (above and beyond typical student loans) that would excessively distort ITT's financial stability on paper. Further, my understanding is that these loans have caused financial hardship to these particular students in which they may never financially recover. However, I openly admit that I am unclear regarding the specifics, and I very well may not have the facts straight regarding the impact on those students involved. What I do know is that Modany and Dan Fitzpatrick, CFO, have been under indictment. The accrediating body, ACICS, has either been intentionally looking the other way or been involved in the malfeasance themselves. The accrediating body is supposed to be the watch dog to ensure these kind of things don't happen...think Enron and Arthur Anderson (my brother worked for Enron and lost almost everything when they went down in 2001). Arthur Anderson was supposed to be auditing and monitoring them and we know how that turned out. I say thank goodness for the Dept. of Education! Think of the financial lives of students that may have been ruined! Everything in me wants to see CEO Kevin Modany in an orange jumpsuit as he rots in prison. This villains salary has been at least 7 million dollars annually (while I received one small raise the entire three years I worked there). I hope and pray the DOE comes down hard on them. At this point, I'd like to see them do a little suffering.
Full tuition reimbursement at any ITT location
There is no severance. All assets go to share holds.
a coupon for a McDonald's Happy Meal
and a commemorative memorial label pin that says "ITT, 1969-2016, BOHICA CLUB"
Nursing student: this is forum literally for gossip, so it is pointless seeking straight story here! Talk to your nursing chair, dean, camps durector. Call and go to campus in person. Don't leave until they answer your questions. If they refuse, get their refusal to answer in writing. Send them emsils. Document everything. Lots u can do. But please don' t waste your time on anonymous forum expecting some kind of solid answer.
@wfu - it won't matter your degree won't be valued whether you finish or not.
Selfish to think about yourself in time like this. What about all of the HQ employees that live in McMansions in Hamilton county? I mean no bonus this year? Say what? What are their neighbors going to say? The whispers. The shame of driving a two year old imported luxury automobile. Original poster you should be ashamed!
I've been following this blog. I'm a current student in the nursing program at ITT tech in Ohio with 1 quarter to go. (Three months). Is the school going to stay open that long I cannot get an honest answer please comment with some straight answer
I was laid off about 3 years ago from ITT and received a severance. However, to accept the package we basically had to sign a gag order as I am sure mgmt did not want us leaking their dirty little secrets. If you've never worked there and are unsure if most of the allegations are true, they are, unfortunately.
That is more that I got when they made me go from full time instructor to adjunct. I think all of you should get what the instructors got some worked there 20 years!!!!
Unfortunately, I say don't count on anything. Anyway, as employees we are going to be in minus, but that does not even compare to how much all the students lost and will be in minus.... It is just very sad but I hope they will be saved somehow???? I really do! I just hope senior leadership takes a moment and think about them. This is the time to show that "students do come first"!
One week of pay for every year you have worked up to a maximum based off of your pay grade. Two week minimum. Severance policy is posted on the portal. Bad news is ITT makes it clear it is unfunded. Hopeful but not holding my breath. Yeah not likely at this point. Hoping my vacation and last week's and this week's pay doesn't get held up in bankruptcy court.
Named corporate officers don't qualify for a severance per the DOE. Possible that the poster below was is an executive vice president. CEO??? Kevbo is that you?
The DOE only prohibited severance for executives. BUT ITT is not known for providing severance for anyone else.
If even offered, it's probably minimal at best. I believe legally, they don't have to offer any. Usually companies do so to maintain good will, keep a high public reputation, avoid negative publicity, etc. Not sure that applies so much in this case. In other words, you won't suddenly get rich from them.
Blame it all on the DOE, whiny baby. I hope you get offered a job as adjunct faculty for a "teach-out" and get to see what it is like getting no benefits at all while facing a classroom of disgruntled students until 11 pm at night in an insecure building at an abandoned office park.
Thanks to the DOE -- you get NO severance at all!
Since ITT traces the IP addresses of all who post on here, I'm willing to be a character witness for a healthy severance.