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This is what every company does when they restructure. 100% of the time it’s to flatten the management, but that also means workers will disappear too as teams are made redundant.
This is just a really really dumb article meant to spin it in a good light, because “management bad”. It’s like any other reduction in force, and nobody is safe. We should stop allowing companies to lay us off for the 5 minutes it won’t be profitable and force them to cycle through everyone.
They hire a big 4 firm or someone who worked at one. They advise to do layoffs to juice stock price in short term. Layoffs happen, morale drops, anxiety and workloads, and demands increase. This has been going on for 40+ years after GE laid the foundation.
These same bit 4 firms are now being asked to provide guidance and they are noticing how stretched people are and how much it hurts retention and performance. Guess what they’re starting to suggest? You need middle management.
Motherfuck Jack Welch
This is the best summary I could come up with:
FRANKFURT, Sept 15 (Reuters) - Bayer’s (BAYGn.DE) new CEO plans to cut management jobs to speed up decision-making as a first step to overhaul the embattled German industrial group, which is facing investor pressure to break up, three people familiar with the matter said.
Bill Anderson, at the helm since June, is keen to show investors speedy improvements and buy himself time to lay out broader restructuring plans over the next few months, the sources said.
Among the people leaving the maker of drugs and pesticides under the overhaul, for which the CEO has hired consultancy firm McKinsey, is head of group strategy Oliver Kohlhaas, who will not be replaced, two of the sources said.
Anderson’s appointment was widely welcomed by shareholders as a qualified CEO pick to overhaul Bayer, replacing predecessor Werner Baumann, who had drawn criticism for not being responsive to capital market concerns.
Investor Artisan Partners told Reuters last month the company needs to separate its three main businesses - agriculture, prescription drugs and consumer health products.
The company said in an unscheduled statement last month that it was projecting a steeper fall in earnings and zero free cash flow, in what some analysts suggested was Anderson seeking to get bad news out quickly to allow for a fresh start.
The original article contains 672 words, the summary contains 213 words. Saved 68%. I’m a bot and I’m open source!
The breakup of the chemical industry has done nothing good for investors. Haven’t they learned from what happened with Dow and DuPont?
