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From a friend: Everyone was laid off with no severance or benefits. The CEO put all the blame on a lender in order to explain why there were no severance packag

From a friend: Everyone was laid off with no severance or benefits. The CEO put all the blame on a lender in order to explain why there were no severance packages. This sucks because they took it upon themselves to offer staff retention bonuses earlier this year to keep people around after the earlier layoff.

apercu 3y ago
I'd be interested in whether the C-level got any severance or healthcare....
- bastardoperator 3y ago
  [flagged]
  - deleted 3y ago
    [deleted]
- justrealist 3y ago
  Why do you assume the worst, with absolutely no information? The company is shutting down. I'd bet you a lot of money nobody gets anything.
  - apercu 3y ago
    At higher levels you usually have insight that these things are coming and can negotiate retention bonuses and other benefits, or threaten to walk (sinking shop and all), and I think it's likely, so I asked the question....
  - mmanfrin 3y ago
    Probably because C-levels almost always get disproportionate parachutes regardless of performance.
  - alex_lav 3y ago
    > The company is shutting down. I'd bet you a lot of money nobody gets anything. Let's define a lot and then I'll take this bet.
- mixdup 3y ago
  regardless, C-level salaries were probably high enough that they can skate by a while without a salary for a bit and pay for marketplace healthcare coverage if absolutely necessary
  - MaxHoppersGhost 3y ago
    Everyone's salaries were probably high enough to skate by for a bit... it's a tech company not a burger king.
    - cheriot 3y ago
      I LOL'd. Let's also remember that every tech company has middle and low wage jobs as well.
      - MaxHoppersGhost 3y ago
        What would those be though? I work at a U.S.-based software startup with 100 employees and no one makes less than $80K. Avg cash comp is just under $200k. It’s likely Convoy had a very similar profile.
        cheriot 3y ago
        The place I work has physical security, baristas, and random other staff in an expensive city. Tbh I don't know what they make.
        MaxHoppersGhost 3y ago
        The people we have like that at my startup are contractors and may be out of work a short bit but their agency will just move them elsewhere when something comes up.
        cheriot 3y ago
        Mostly direct employees here. Usually I'd think that's better, but ...
- givemeethekeys 3y ago
  Probably because they're the hardest working people in the company and deserve it more /s.
zyang 3y ago
During an acquisition if there's no meaningful revenue headcount is what matters. This was 100% on the CEO.
gwbas1c 3y ago
> The CEO put all the blame on a lender in order to explain why there were no severance packages. Even Elon Musk famously claims that Tesla got dangerously low at times. I've been through two acquisitions that could have gone this way. (But didn't.) It's really "par for the course" in the startup world.
bagels 3y ago
Why would a lender lend them money to pay severance and shut down? Completely implausible explanation.

apercu 3y ago

I'd be interested in whether the C-level got any severance or healthcare....

bastardoperator 3y ago
[flagged]
- deleted 3y ago
  [deleted]
justrealist 3y ago
Why do you assume the worst, with absolutely no information? The company is shutting down. I'd bet you a lot of money nobody gets anything.
- apercu 3y ago
  At higher levels you usually have insight that these things are coming and can negotiate retention bonuses and other benefits, or threaten to walk (sinking shop and all), and I think it's likely, so I asked the question....
- mmanfrin 3y ago
  Probably because C-levels almost always get disproportionate parachutes regardless of performance.
- alex_lav 3y ago
  > The company is shutting down. I'd bet you a lot of money nobody gets anything. Let's define a lot and then I'll take this bet.
mixdup 3y ago
regardless, C-level salaries were probably high enough that they can skate by a while without a salary for a bit and pay for marketplace healthcare coverage if absolutely necessary
- MaxHoppersGhost 3y ago
  Everyone's salaries were probably high enough to skate by for a bit... it's a tech company not a burger king.
  - cheriot 3y ago
    I LOL'd. Let's also remember that every tech company has middle and low wage jobs as well.
    - MaxHoppersGhost 3y ago
      What would those be though? I work at a U.S.-based software startup with 100 employees and no one makes less than $80K. Avg cash comp is just under $200k. It’s likely Convoy had a very similar profile.
      - cheriot 3y ago
        The place I work has physical security, baristas, and random other staff in an expensive city. Tbh I don't know what they make.
        MaxHoppersGhost 3y ago
        The people we have like that at my startup are contractors and may be out of work a short bit but their agency will just move them elsewhere when something comes up.
        cheriot 3y ago
        Mostly direct employees here. Usually I'd think that's better, but ...
givemeethekeys 3y ago
Probably because they're the hardest working people in the company and deserve it more /s.

zyang 3y ago

During an acquisition if there's no meaningful revenue headcount is what matters. This was 100% on the CEO.

gwbas1c 3y ago

> The CEO put all the blame on a lender in order to explain why there were no severance packages. Even Elon Musk famously claims that Tesla got dangerously low at times. I've been through two acquisitions that could have gone this way. (But didn't.) It's really "par for the course" in the startup world.

bagels 3y ago

Why would a lender lend them money to pay severance and shut down? Completely implausible explanation.