Corporate Mergers and Job Insecurity......

brettw22

Well, our company has employed yet another CEO whose only priority is running a once profitable company into the ground to sell it off only to make tens of millions in options for doing such a **** job. Larry Johnston has made MSN Money's list of The Top 5 Most Outrageously Overpaid CEO's which was surely a sign of what was to come. The "underperforming divisions" were the grocery stores, as the Drug stores (as a whole) have been carrying the business. Albertsons announced it was going to look at ways to increase stock prices by shopping the company on the market shortly after Katrina. They took offers for 3 months and then said they were done with that venture, only to officially announce the sale a month or so after they claimed to withdraw from the process.

I started out with American Drug Stores (Lucky's, Acme, Sav-On, Osco, Jewel), just under 11 years ago which was bought by Albertsons about 8 years ago. This past week we have been sold off as two seperate companies. CVS is going to be buying all of the stand alone Sav-On Drugs and Osco Drug stores, and Supervalu is going to be buying all of the grocery stores (Albertsons, Jewel, Acme, SuperSaver, Shaws, etc).

I work for the Drug Division, so that will make me a CVS employee (depending on if they keep us on). I was transferred last July to Chicago and do ya think that CVS has any sort of offices here? Nope. CVS didn't purchase any of the office buildings that we have (Franklin Park, IL; Melrose Park, IL; Fullerton, CA; Scottsdale, AZ; Tolleson, AZ) and from what I hear, they have a very small building in Phoenix somewhere.

So.....i don't know if I'm going to have a job, and we probably won't be told much until crunch time (Julyish). I could end up jobless in a city that I have absolutely zero ties to because I just barely got here......wonderful.

Time will tell, but hopefully whatever happens, it'll result in my still having a job, if for no other reason than to look elsewhere.

george daniel

Working in the "for profit" healthcare sector,and Having been aquired 3-4 times, formerly AMI, now Tenet, I can say that if your section is profitable,and if you are NOT the CEO,CFO,etc,you should have a job,no matter who aquires you.I have found that over the years if there is a duplicate division in the new company,,one will go,also depends on your CEO's vision and strengths (experience) Good luck.

brettw22

I need to get into one of the CVS stores around here to see what they have systems-wise, but it'd almost be a blessing to be chopped......who knows.

Sami

brettw22 wrote:

I need to get into one of the CVS stores around here to see what they have systems-wise, but it'd almost be a blessing to be chopped......who knows.

I just got laid off Tuesday, for the first time in my career. After 9.5 years with the company, I was ready to leave so to me it was a good thing. I am confident I'll find another job shortly and even if I don't, those 9.5 years got me a good package as a separation "gift" so financially I'm covered for even a longer period of time.

George Grand

Don't sweat it too much Brett. You're a sharp troop and if the **** does hit the fan, you're going to land on your feet.

Good luck Sami.

George

Ricardo

This happens all the time nowadays; if not a merger, it is cost reductions, restructuring, manufacturing consolidation, source origin change.....you name it.

If you consider all the reductions done in the last decade or so, we could think that unemployment would be hitting the roof...but reality is that qualified people do find new jobs, some better, some worst. Obviously some exceptions do occur...

The important thing in my mind is that we keep doing our best every day, and never forget that the job is just a means to get what you need to get through life.

Good luck.

bobman1235

George Grand wrote:

Don't sweat it too much Brett. You're a sharp troop and if the **** does hit the fan, you're going to land on your feet.

Good luck Sami.

George

Or, if you're like George, on your arm.

Maurice

Keep your head up brett, all will be well.

steveinaz

I feel for people who work in corporate America these days. Absolutely no security, regardless of the company's history. Mergers, take-overs, thugs, and grossly overpaid CEO's rule the roost. It's frickin scary out there.

I'm glad I stayed government. The security alone is worth its weight in gold, plus it allowed me to buy back my 15 years in the Army. Good luck brother.

Skynut

Corporations these days suck. They have no loyality to the employees that put them on top and keep them there. All the ceo's are interested in is living larger than 95% of the people in America. They outsource all our jobs to foreign countries and lower wages for those who stay in order to bring the stock price up. And why not? they get huge blocks of stocks to help ofset their piddly 4 or 5 million dollar a year income.
(CEO VOICE) "If I can't make $16,000,000.00 per year one way or another I don't want the position".

dorokusai

Welcome to the real world, Capitalism.

Strong Bad

I remember Lee Iacocca was interviewed once and asked about the amount of money he (insane amount paid by Chrysler) and other CEO's were making. He said...

"There's nobody in the world, not even me, thats worth being paid that amount of money to run a company. NOBODY! But i'll take it."


Stock price rules the capitalist market. It sucks, but thats the way it is.


John