Just wait until FY 2019 results are announced. Restructuring already announced. Sr VP whacked. Big layoffs coming.
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Agreed, the CRO should be held accountable. For some reason he is being allowed continue lead these underperforming teams. On the other hand, perhaps it is the best he can do with the personnel he is able to attract and the mediocre products available to sell. It is time to clean house for real starting at the top. Too many of the leaders are from Enterasys and do not have the experience necessary to lead the company to the next level and they should also be replaced.
America’s Sales VP, K12 Director, Channel Manager/Director and many more. Some with years of outstanding production. Why not the CRO? Isn’t he the one who should be held accountable?
Whoever said "Fake news" doesn't know what they're talking about. See Item 2.05 in this SEC filing https://investor.extremenetworks.com/node/18966/html
"On June 25, 2019, Extreme began executing a plan to better align its work force and operating expenses in the current business climate (the “Plan”). Extreme estimates it will incur charges beginning in the fourth quarter of fiscal 2019 through the second quarter of fiscal 2020, inclusive, in the range of $14 to $16 million. $12 to $14 million of the referenced charges will be paid in cash over the life of the 2019 Plan. Upon completion of the 2019 Plan, the potential savings expected to be achieved as a result of reduced employee related expenses and lower operating costs will yield annualized savings of $24 to $27 million. Costs associated with the 2019 Plan are primarily comprised of employee severance and benefits expenses, relocation of personnel and equipment and exit of excess facilities. The amount and timing of the actual charges may vary due to required consultation activities with certain employees as well as compliance with statutory severance requirements in local jurisdictions. Extreme expects the severance and benefits will be substantially paid by December 2019, and the excess facilities obligations will continue through December 2027."
The layoffs were apparently to free up money to buy Aerohive. Hard to believe any company would leverage employees like that
Extreme is on the market. Testructuring, cost cutting, layoffs are all signs of an impending sale... or an implosion.
The layoffs started today. Not sure how many are targeted.