Thread regarding Avid Technology Inc. layoffs

Layoffs continue. Building consolidation and closure

Layoffs continue. We should change our name to AVID Layoff Technology (since that is the primary business we are in). Watched more great co-workers, people and friends lose their jobs. No value is placed on dedicated and productive employees. It end never ends. Show employees the door and then some executive brings a friend in. When we initially moved to Burlington (which was a total and absolute waste of millions of dollars and totally unnecessary) we occupied 3 buildings. Since then one building was completely closed, and a 2nd building will be almost empty (with us occupying a small section of the building). We will occupy probably only 35% of the space we once did in Burlington. Down-sizing continues as well as the effort to move jobs to lower cost regions. Not a place to plan a future. The board of directors and executive staff have no idea how to get the train on the track and headed in the right direction. They continue to execute guess work. And guess what, they haven't found anything which works.

by
| 2744 views | | 17 replies (last )
Post ID: @OP+XGGcfBs

17 replies (most recent on top)

Hmmm .... I heard we are merging with Fisher Price. That would be a sensible move considering the design and execution of our products. They would be a big help to us.

by
|
Post ID: @1Rjqv+XGGcfBs

Heard we are merging with ChyronHego

by
|
Post ID: @1Ljlc+XGGcfBs

Maybe Avid should start a new consulting business on how to do layoffs

by
|
Post ID: @14tiy+XGGcfBs

Totally agree, I don't us coming up with the 250 Million when it comes due.

by
|
Post ID: @Cnua+XGGcfBs

Well from the inside looking in things don't look good. Doesn't take much to get the speculators in the stock market excited. We didn't make a profit in 2018. In fact our long term debt increased by 15-20 million and now we have around $250 million in long-term debt under very unfavorable terms with the lender. Give it 6 months and it will return to the $4.50 - $5.00 range. The profit takers will dump the stock. They are smart. The stock price does very little to benefit the individual contributors. The only benefit is that it makes the place a little happier because executives with significant numbers of stock options are happy because they see $$$ in their own pockets. We have maybe 2 or 3 analysts who cover our stock. Wow. Any reputable financial advisor would never tell an investor that this is a good long term stock to invest in. The long term debt is way, way, way too high, continues to increase and there is no way to pay it back.

by
|
Post ID: @yfhg+XGGcfBs

That’s great news!! Hopefully Avid will continue this trend! Things look good from the outside looking in!! Keep it up!

by
|
Post ID: @xmip+XGGcfBs

Hey the stock is up 50% because we didn't totally blow 2018.

by
|
Post ID: @wule+XGGcfBs

Yet you all willingly stay. For now. Enjoy it while you can. The train is about to make an abrupt stop that will most likely jar all the hangers-on from your seats.

by
|
Post ID: @nnbe+XGGcfBs

Barnum and Bailey would be a great fit. They would pick up exceptional clown talent starting with the Executive staff, Board of directors and of course anyone who has a management title. Then all the clowns would be gone and the rest of us could get the organization back on track. Please make it so. This has gone on so long it is way beyond ridiculous.

by
|
Post ID: @ikhf+XGGcfBs

Hooray for us. A smart takeover is finally likely confirmed very soon. Many will fall, the remains have a brighter future. Can't wait for this calvacade of clowns currently running our company to get ousted. This has been a pathetic for more than a few years. Enough of the charade and let's get back to being a respectable, smart company that focuses on the customers/prospects versus the current (not just past) used car salesmen, clowns in charge. Enough fun for them. Let's get professional again!

by
|
Post ID: @gqrk+XGGcfBs

Rumors of a takeover and big changes on the horizon. So to all the trolls and gossip seekers. Stay tuned.

by
|
Post ID: @eaph+XGGcfBs

Absolutely on-point. Very bad situation. There is no clear path. Constant re-orgs. New executives brought on board to save the day. In a year or two they are gone and nothing has changed. Other executives who have been there a long time in important positions while the company flounders somehow keep their jobs. while others pay the price for the E-staff, Board of Directors and upper management’s inability to get this situation corrected. They want to show progress in the bottom line by sacrificing employees jobs. Yet they keep friends employed.

by
|
Post ID: @ekmh+XGGcfBs

So correct regarding NAB and connect. This is more about needlessly spending enormous amounts of money so that "executives" and all the "important people" , meaning the ones who actually do nothing useful except talk a lot of B.S. , can get up in front of people and talk a lot of B.S. (and of course stay in nice hotels and spend all kinds of money to party, drink booze and eat the best meals). This makes them feel important and provides them with a sense of doing something (anyone can talk, it's easy to move your mouth and let rubbish flow out). Afterward they look in the mirror feeling an even bigger ego. And in a unanimous vote, the Oscar goes to Avid management (and of course the totally useless and don't have a clue Board of Directors) for the best comedy and deystroying a once proud organization which a long time ago was over-flowing with innovation and employees who cared and delivered. There are still some employees who care but it is impossible to deliver in this disfunctional organization that specializes in laying off employees so people have no choice but to pursue other career paths, or if you are a legacy employee continue to cash your enormous pay check, laugh and ride it out until you retire or they call your number and give you the boot. What a mess. At least LHJ is gone. It was illegal and inappropriate that he was allowed to abuse people the way he did. On the subject of NAB In particular at NAB to abuse and s-xually harass his admins. The irresponsible board of directors let this go on forever. LHJ needed 4 executive admins and there was continual turn-over? It was so evident what was going on to everyone in the organization. No executive on the E-staff would step up and challenge this (including the current CEO) for fear of losing their job and enormous salary. So they stood by and let it continue. None of those admins deserved the abuse they were exposed to. They had every right to go to the BOD. Hopefully they were properly compensated. Would expect they were because as dumb as the BOD is, they wouldn't want the embarrassment of that type of lawsuit going public. Every year all employees must take the code of conduct and ethics and agree to it. Evidently that doesn't apply to management or executives. What a dirty and unethical organization, but let's have a big party at NAB, booze it up and spend tons of money which provides absolutely zero in return.

by
|
Post ID: @clzu+XGGcfBs

Hearing there is another round of layoffs coming up soon which is typical around Connect/NAB time. But as long as the executives and their pets get to enjoy some more extravagant dinners, host tacky, expensive “customer” parties and get to meet a few celebs along the way, it’s worth dozens of more hardworking, talented individuals losing their jobs.

by
|
Post ID: @7nfd+XGGcfBs

Great engineers and good technology, but lacking in leadership and long-term vision. Mediocre managers come and go, they lay people off and restructure, bring in friends, make money, then it becomes clear they cannot make it work. And this pattern just keeps repeating. It's a tough marketplace, no doubt, but it seems they should be able to make it work because the brand is well-respected and the technology is good. But without a vision and good management , it's hard to see how they will make it.

The MBAs do not know how to make this company succeed. Maybe a wealthy musician or artist could buy Avid and find a way forward.

by
|
Post ID: @6ivx+XGGcfBs

So you’re down in the lab area?

by
|
Post ID: @5zwv+XGGcfBs

Post a reply

: