The CEO of Computer Sciences Corporation (CSC) said that his company's performance in the last year had been "very poor", as he announced a staggering yearly loss of $4.2 billion. The loss compares to a profit of $759 million the year before and has pushed the CEO Mike Lawrie to declare cuts of $1 billion. Revenue for the …
Good to see the CEO falling on his sword for such terrible results while he was at the wheel...
Oh look, there's a surprise.
Now just wait for his healthy bonus for doing so badly....
Perhaps unsurprisingly, the CEO who was at the wheel for last few years, Mike Laphen, did "fall on sword". His replacement, Mike Lawrie, has only been in place a few weeks, big challenges ahead for him though.
I'm staggered at the size of these figures! A 1.5 BILLION write off for the NHS - for *record keeping* alone ? I did seriously wonder if it should have been millions, not billions!
"You've got red on ya."
We rely on government contracts and even governments don't want us?
Here we go again! Downward Spiral
So profit is down because we can not deliver our core competancies, so what we will do is get rid of more of our core comeptenet staff, outsource more and cut our cost base, that will shore up profits for a short term. And lo what happens next year fail to deliver yet again profits down, get rid of more staff, not deliver etc etc. Instead of cuts and making the shareholders happy, try investing in staff and realistic promises/deliveris. Now insert ay of the companies here Capita, CSC, CapGemini, HP etc, etc. Oh and don't forget the CEO bonus does not budge, beacuse we have in the short term stopped the rot and long term screwed the company, these companies started as delivering on what they promised to the customers, now all they deliver is a shareholder short term fix!. At this rate they will soon become extinct!!
Oh, come on!
How on earth do you expect to bleed a company dry, before retiring on a fat severance package, with that attitude?
Re: Here we go again! Downward Spiral
one must remember that the modern CEO is medieval margarine and the corporation is toast. Mines the one with the Rogets in the pocket
"experiencing some market headwinds"
is the phrase of the day.
don't you know?
That as far as a CEO is concernced, poor performance is due to adverse market conditions and other things outside of his control; good performance is due to his or her brilliant initiatives and leadership.
This is what austerity gets you when most of your business is based on government contracts and defense (defence for you Brits :-) ) contracts.