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Because he's responsible for the fact they need to do this? This email is basically: Oh dear we're in a tight spot, no idea how we got here, it's a mystery! I
by williamsmj 4y ago
Because he's responsible for the fact they need to do this?
This email is basically:
Oh dear we're in a tight spot, no idea how we got here, it's a mystery! I guess someone (definitely not me!) ran the business in a way that demonstrated an appalling understanding of our market, our customers, and the macro climate, and a fundamental carelessness with investor money and employee livelihoods. Don't worry though, that person was definitely not me, so I'm the right person to lead us out of this.
p.s. look shiny severance packages!!!
p.p.s. Once again, that person was not me, so there shouldn't be any consequences for me, other than a bunch of easily impressed tech workers giving me praise for the severance package.
- yeeetz 4y agoIt's the CEO/leader's job to make these decisions and to course correct when he's made a mistake. Publicly admonishing himself is, at best, a pointless display of virtue signaling. He could write 10 pages groveling for forgiveness from his employees and the public, but people would complain about that too. I suspect the overall CEO compensation package for a company the size and structure of Lattice is trivial compared to other expenses.
- Apocryphon 4y ago> people would complain about that too. I mean, are we certain of that? Maybe someone should try it first.
- brewdad 4y agoOne could sit and read 10 pages of groveling for forgiveness but it still won't replace the paycheck that's going away. It would likely be about as effective as a spouse begging for forgiveness after getting caught in a multi-year affair.
- williamsmj 4y agoThe board and investors and remaining employees don't need an apology. They need better leadership, or they need performance management of the current leadership with actual consequences, as they would rightly expect for any other failing employee.
- deleted 4y ago[deleted]
- williamsmj 4y agoI'm not suggesting he publicly admonish himself or take a "virtue signalling" pay cut or something. I'm suggesting the board fire him or other parts of leadership for cause, and hire people who make better decisions.
- Veen 4y agoPresumably the board have considered that course of action and decided against it. It’s just possible that they have access to information that you don’t, and so have come to a different conclusion.
- williamsmj 4y agoTotally plausible. The credulous awarding of PR points by tech workers on HN whenever a blog post describing severance > $0 is even more stupid without that information asymmetry in mind.
- sbst32 4y agoYou are framing it like this company exists in vacuum and can ignore all external factors. And that is clearly not the case. They decided to regroup and downsize during tougher times, that's all.
- mind-blight 4y agoI think the "CEO pay should be cut for layoffs" comments come from a misunderstanding of how CEO pay differs between public companies and VC-backed companies. A VC backed CEO is usually paid a lower salary than the average software developer. Their biggest pay is by owning a lot of equity that's on a standard vesting schedule. Cutting their salary would be entirely performative. And clawing back equity is difficult and only matters is the company does well. A public company CEO is usually not the founder. They're compensated with stock bonuses (that can be almost immediately liquidated) based on performance, as well as a large salary. I think forgoing a bonus when you're the CEO and doing layoffs would be great. Unfortunately, that goes against the interest of the CEO and investors
- bigbacaloa 4y agoNot stealing goes against the interest of the pirate.
- FireBeyond 4y agoThe other part that rubs me the wrong way, some? "We will continue to offer you the Invest in your People fund, where we might invest $100K in your startup". "We have to lay 15% of you off, but don't worry, we can still find $100K's all over to speculatively invest in startups"...