Tuesday, 30 December 2014

Mike Lawrie’s Christmas present


Mike Lawrie got the Christmas present he wanted this week  - a proposed settlement of  the SEC investigation into accounting irregularities between 2009 and 2012 in the Nordic region, Australia, and the UK NHS contract.

The terms of the proposed settlement are less important than the fact that a significant uncertainty - one which could deter a potential buyer – will be closed, improving the prospects of a sale of CSC.

As a result of the settlement, CSC will pay a penalty of only US$190million and initiate a review of its compliance policies. The latter should have been done by now anyway. In our opinion, this “punishment” is little more than a tap on the wrist for CSC.

The SEC concluded that CSC should have booked the US$1.16 billion NHS impairment charge in FY2011 rather than FY2012. No surprise. We and others had reservations about CSC’s handling of the NHS contract well before 2012. Following on from this, CSC will also move the related US$2.51 billion of goodwill impairment from FY2012 results into FY2011. The net income of FY2010 will also be restated downwards by US$50million reflecting the impact of the Nordic accounting irregularities.

Further details of the proposed settlement of the SEC investigation can be found here or at;

So what does all this mean?

  • Mike Lawrie has removed a significant balance sheet and earnings risk that arose well before his arrival at CSC. He will likely be congratulated on having negotiated such a good settlement.
  • There is some restating of the timing of historical events, but no investor is likely to care about that.
  • The shareholders who suffered between 2009 and 2012 now see their investments worth over US$60 per share.
  • A number of employees directly involved in the irregularities were reprimanded, suspended or terminated.

So is all well that ends well?

We think not !

The European and Corporate Presidents and other executives on whose watch these irregularities occurred have not, as far as we are aware, been held accountable for these failures. Instead, they were richly rewarded, receiving large amounts in direct compensation and termination packages. The risk of lawsuits against them is now almost certainly  passed.


Meanwhile many honest hard-working employees who had no connection at all with any of these failures and irregularities lost their jobs in the aftermath. But who cares about them?

71 comments:

Anonymous said...

I bet a potential sale was used as a bargaining chip against the SEC. Less than 3 months before a potential suitor will emerge. I am guessing it will be for the commercial business, and probably HCL or another Indian pure play.

Anonymous said...

I will bet that one or two of the C suite on deck in those days will have been held as a scapegoat. Now the matter is settled they'll be booted.

Anonymous said...

There's still a few others knocking around, a company this bad can never stay out of court for long:

1) Some lizard after more grist: http://www.bizjournals.com/washington/blog/fedbiz_daily/2014/06/former-executive-sues-csc-over-severance-pay.html?page=all

2) The second (yes second) non-payment of overtime to US employees suit: http://www.csclawsuit.com/

3) The biggie, the one where CSC defrauds the Federal Gov: http://www.justice.gov/usao/nys/pressreleases/October14/CSCandCityofNewYorkSuitPR.php

Probably very likely that these of course will be added to before any of these are closed.

Anonymous said...

I see the Biz Journal is surprised to see that CSC is the most viewed subject that they write about:

" a statistic that shows, without question, that this was not a close race. Of the top 10 FedBiz stories in terms of clicks, seven of them were about a single topic — one company, actually. And that company was Computer Sciences Corp."

She goes on to close with this comment:

"Yes, other companies are making tough choices to improve performance. But the reality is, none have been as aggressive as CSC"

And I am sure somewhere there is a fat slug reclining on a pile of dollar bills, looking very much like a badly dressed version of Smaug the Dragon, nodding appreciatively at this recognition of his world class hatchet wielding.

It would be a very smug Smaug except that it actually seems to have achieved very little - revenues still fall, next generation products fail to launch, law suits keep battering the door and all of this with less and less skilled resource to get the wheels moving again.

All we can hope for now is a brave Hobbit to slay the dragon...


http://www.bizjournals.com/washington/news/2014/12/17/year-in-review-2014-cscs-aggressive-turnaround.html?page=all

Anonymous said...

It is interesting to note that Bill Deckelman, CSC's General Counsel, was in charge of legal and compliance when the fraud occurred. Why is he still employed by CSC?

Anonymous said...

I wonder if the ethics committee got their bonuses. Its about time our mandatory ethics training video then question and answer session started again..

Don't worry you wont get a WBS code for the training, book it to a client code they wont mind..

Anonymous said...

Expedients can work (Bismarck demonstrated that) but long term can be worse than unhelpful. Across the States litigation unsettled in New York in addition to their moribund Medicaid contract. Employee discontent remains high across the corporate landscape. Loss of talented resources should be cause for concern.
2015 should be interesting. Might witness corporate parts getting parceled out; might not. Thoughts?

Anonymous said...

Mike Lawrie celebrated the SEC settlement by pocketing another $200,000.

He sold 3,094 shares of CSC stock on Tuesday, December 30th. The shares were sold at an average price of $64.27, for a total value of $198,851.38.

Anonymous said...

Maybe he knows where the bodies were buried.

Anonymous said...

A good article again Casandra. Looking towards more CSC insights in 2015 from this terrific site.

Anonymous said...

So, that's a total of $3.7M in shares he has sold just this quarter. I haven't bothered adding up what he sold off earlier in the year.

It's great to know that our fearless leader has so much confidence in the company.

Anonymous said...

or maybe he will get booted now Lawrie has secured settlement? He was paid fat retention bonus a short while ago remember, so possibly Lawrie needed to keep him close whilst a settlement was secured? He has probably outlived his usefulness now. How about Brian Fillebrown? Bill and Brian are the only two of the old Laphen guard still remaining!

Anonymous said...

I was looking at how some of my previous colleagues were doing.

Gavin Larkins who was of good character. .. kicked out of CSC in 2014.. what a shame.

Even more crass is still on CSC sites advertising CSC. http://www.csc.com/au/publications/96137/96145-gavin_larkings_australia_s_world_of_opportunity

They really are a distasteful organisation.

Anonymous said...

http://mobile.crn.com.au/Article.aspx?CIID=381793&type=News

Anonymous said...

> "Yes, other companies are making tough choices to improve performance. But the
> reality is, none have been as aggressive as CSC"
>
> And I am sure somewhere there is a fat slug reclining on a pile of dollar bills, looking
> very much like a badly dressed version of Smaug the Dragon, nodding appreciatively
> at this recognition of his world class hatchet wielding.

And therein lies the bigger problem. Smaug will think its a compliment that CSC are top of the aggresive list.

Anonymous said...

does anyone know what happened to the myworkstyle offerings? have they made any impact on the market?

Anonymous said...

no, its about 12 months late so far, loads of security issues. was supposed to be deployed to our secure accounts in the UK starting 2014 and CSC staff were going to be deplyed first.

Anonymous said...

So, here's something really, really embarrassing. CSC touts itself as a "tech company", yet Corporate moved in new code to support the change in vacation hours for US employees, and it failed miserably. Could have never been tested. Since Saturday, vacation hours shown in ESS/MSS have changed 3 times, and they are still incorrect. The recommendation on C3 is to call CSCAnswers, who basically says, there is a glitch in the system, HR is aware and working on it, give us a few days. Yet nothing from Corporate about the snafu and CSCAnswers gets inundated with thousands of calls. What a mess.

Anonymous said...

Maybe inclement weather wasn't the reason they shut down Answers today.

Anonymous said...

No mention of that SEC fine at all either. Also don't forget to get your Lotus Notes ID re-certified, or your ability to use CSC E-mail will be hosed. A "tech company" indeed...

Anonymous said...

Year ago I spoke to the project manager who had signed off the licence purchases to migrate off notes, His words wont be too hard there isn't much in notes not we've been cutting down on it...

Sadly we still have notes, there was a flurry of applications deletes off it (and restored) but no other word on the migration.

Anonymous said...

I heard that the migration off Lotus Notes was cancelled as the costs would reduce the funds available for executive renumeration and share repurchases and was therefore deemed not business essential.

Anonymous said...

Of the top 10 FedBiz stories of 2014 in terms of clicks, seven of them were about one topic — one company, actually: Computer Sciences Corp.

http://www.bizjournals.com/washington/news/2014/12/17/year-in-review-2014-cscs-aggressive-turnaround.html

Anonymous said...

this 7 out of 10 stories deserves a page of its own.

Anonymous said...

Interesting points all, 17:26.

Both the aforementioned gentlemen are in a position to know where the bodies are buried, and in fact, may frequently be found with shovels in hand. As you say, interesting that two executives who would be primarily responsible for monitoring, exposing, and correcting such shortcomings are still "gainfully" employed. Also an interesting thought that they have now outlived their usefulness. Deckleman certainly - we all know that lawyers are a commodity asset these days, and there's nothing (at least on the surface) particularly special about this one. Fillebrown? Certainly he and his whole group are a juicy target for Mikey's next great expense reduction for the upcoming quarter. After whacking out the entire Six Sigma quality improvement group from CSC - Six Sigma Black Belts and all - why not go after Fillebrown's group? No revenue generation, strictly overhead, much less value add than the Six Sigma group, and an organization where arrogance is only exceeded by incompetence. Seen as a thorn in the side and as the Bozo Brigade for years by honest folks trying to deliver for customers in an increasingly difficult environment, their only real function has been to tell management what they want to hear in terms of everything is OK on all contracts and engagements. Here's your big chance Mikey! Reduce those expenses and remove this thorn from our heel!

Anonymous said...

Just another example o a "technology company" in need of a severe cranalanalectomy.

The plan was to start migrating off Lotus Croaks a year ago, with the aforementioned flurry of activity of database inventories, application replacements, and a breathtaking migration to Microsoft Outlook. But like most of the "internal technology investments" (not just email, but HR and finance as well) it's just a lot of hot air and wasted money, as those really responsible for leading big corporate initiatives couldn't lead flies to fresh donkey droppings. Just smoke and mirrors to give the illusion of change while diverting CSC money back into internal coffers. (Paying outrageous "consulting" rates to your own organization to implement your internal systems? How does that accounting work?). Never a dull moment with Mikey at the helm.

Anonymous said...

One of your statements indicates that CSC is stripping out capability within its own 'factory' and using old outdated technology. If so that shows that whoever buys this company needs to due internal due diligence as it would be like buying a car manufacturer that has sold its machine tools.
It also shows that this company is serving on the knife edge and is starving itself to death to show good short term results to Wall Street. Will the analysts spot the ribs sticking out and eyes sinking into the sockets of the CSC Body?

Bentham said...

I am sure Bill Deckelman is doing an excellent job for Mike Lawrie, after all, in the year when only corporate was paid a bonus he manged to be one of the country's highest paid counsel ... http://www.washingtonpost.com/business/capitalbusiness/take-home-pay-for-chief-legal-officers-is-on-the-rise/2014/07/18/e84b8f58-0dcd-11e4-b8e5-d0de80767fc2_story.html

Anonymous said...

Ahhhh... so now I know where my raise and my 401K money went!

Anonymous said...

The cuts are working! we are now on phase "burn it all, damn'it!" and we are successfully cutting as many clients as possible to save on working hours. Now we won't have to spend money on employees (lazy btw), and we can wisely invest this cash excess on shares buybacks. We are one step away from saving oon electricity once we shut down the whole tent. great job ML. Ps: don't forget to sell your stock options,we know how important it is for you to cash it all as soon as possible!

Anonymous said...

Appraisals coming up...... remember if you get below average you could be heading for the door..... without a pay off........ new cost saving exercise. Remove low performers and not pay severance....

If you get below average... fight nail and tooth to get it changed... you have been warned! If you accept... on the spreadsheet to the pink slip!

Anonymous said...

CSC moderate default risk.... http://www.wkrb13.com/markets/453474/morningstar-gives-bbb-credit-rating-to-computer-sciences-csc/

"moderate" - hardly reassuring!

Anonymous said...

http://www.computerweekly.com/news/2240238538/Union-members-reject-CSC-pay-offer

Anonymous said...

Yet another potential strike in CSC. What a poor track record in labour relations this company has.
The deal referred to was only struck a few years ago and I wonder if the client was told at the time that in order for it survive that the staff would all have salaries capped very tight?

Anonymous said...

There is a lot of dirt around this company
From The Guardian newspaper "NHS computer systems contractor agrees to pay $190m penalty
Computer Sciences Corporation acknowledges accounting errors relating to assumptions made about progress on long-term UK health service contracts"
http://www.theguardian.com/society/2014/dec/30/nhs-computer-sciences-corporation-penalty-accounting-errors

More lost business
"CSC loses fight to keep IRS contract"
http://washingtontechnology.com/blogs/editors-notebook/2015/01/csc-irs-lost-protest.aspx

Meanwhile Lawrie gets richer while employees get poorer.
"Computer Sciences (NYSE:CSC) CEO John M. Lawrie sold 3,084 shares of the stock on the open market in a transaction dated Thursday, January 15th. The stock was sold at an average price of $63.05, for a total value of $194,446.20. Following the transaction, the chief executive officer now directly owns 125,766 shares in the company, valued at approximately $7,929,546.30. The transaction was disclosed in a document filed with the SEC, which is available at this link."
http://tickerreport.com/banking-finance/390806/computer-sciences-ceo-sells-194446-20-in-stock-csc/

Anonymous said...

Wonder if the scabs from UK who destroyed CSC Denmark strike will do the same again.. or maybe the CSC people in Denmark will get own back and scab for the UK strike - yes I know MOD.. SC clearance.. Zzzzzzz... just shows what goes round - comes round...

I know for a fact UK people went to CSC Denmark Valby DC and managed systems....

http://eurofound.europa.eu/observatories/eurwork/articles/industrial-relations/it-union-loses-two-year-battle-with-multinational-csc

Anonymous said...

Microsoft was being driven by Lawrie for his mate Steve Ballmer at Msoft... now his mate left.. not so much interest...

Anonymous said...

Good luck to our comrades in the Union. I have no doubt that they will achieve nothing and not actually do anything.

The days of any union power in the UK are long gone and CSC knows it.

Anonymous said...

I'd like to make an interesting observation of all sub level 2 current CSC Management

1 The sport of choice for the urban poor is BASKETBALL.
2 The sport of choice for maintenance level employees is FOOTBALL.
3 The sport of choice for front-line workers is BOWLING.
4 The sport of choice for supervisors is CRICKET.
5 The sport of choice for middle management is TENNIS.
6 The sport of choice for Corporate Executives is GOLF.
Conclusion. . .




The higher you are in the corporate structure, the smaller your balls!

Anonymous said...

As a former US employee, I recommend that all current, less than satisfied staff members, make it your #1 priority to get a "Plan B" in place and ready to execute.

I have had the privilege of working with a lot of talented, knowledgeable, dedicated individuals at CSC over the years. It is unfortunate that those qualities are now considered to be liabilities by F&A and HR.

The state of this company is not going to change until the CEO, his direct reports and the shareholders get every last dime of value ($$) out of this company and move on to the next "opportunity".

Anonymous said...

Trust me - there will be no changing of the rating... the mid-level managers know better than to fight for their employees .... that tells their managers that they are not "team players" which would put them next in line for a boot out the door! So sad .....

Anonymous said...

I've been out the door now coming up on 3 months... the relief is enormous and there ARE companies out there that value their employees... those of you that are still at CSC are suffering from "battered wife" syndrome. You need to HURRY and get out the door before it's too late. All signs point to CSC crashing, all ML has to do is hold out until April to get his retention bonus... I guarantee, any buy out in the works will be pushed to close before the FY closes as well.

RUN RUN RUN, the end is nigh.

Anonymous said...

There is one glimmer of good news lately, but left-handed to be sure. Seems the buffoon who was in charge of the South Carolina insurance office has been shown the door. Obviously he's done as much damage as possible and even the pathetic CSC management couldn't take it any longer. Rumor is he's following his ex-Master. It will take real talent to find a replacement who can be as incompetent and arrogant . . . but give them a chance, I'm sure they can pull it out and find one.

Anonymous said...

Show a little respect. He is Dr. Buffoon.

Anonymous said...

As we near the end (of the fiscal year) I feel this picture is appropriate.
http://www.ssqq.com/travel/images/titanic2012x075.jpg

Anonymous said...

109th Pearl of Wisdom - jump before you're pushed

Anonymous said...

Outrageous. Now the buzz word is Calibration. Managers from across the organization (within their respective domain) will meet to discuss, compare and calibrate performance ratings to the agreed to standards. Sounds a lot like Rank and Yank is still operative in the minds of the miserabilists that inhabit the upper echolons of this company. Rather than show concern about the loss of talent and intellectual resources, the company has put in place draconian procedures in the performance appraisal and other 'hoop jumping' stunts to ensure that people will leave.
The Titanic photo of the band played on is most appropriate with Mr Lawrie as the band conductor.

Anonymous said...

No, just like the Titanic the captain will not be sticking with his sinking ship.

Anonymous said...

The only way things could get worse is if they get Celine Dion to do a theme song...

Anonymous said...

Of course they did . . . the Storm Troopers have to stay in good form to stamp out any hint of dissent or truth that may threaten to emerge. Ethics . . . what a joke.

Anonymous said...

Ah yes, 21:48 . . . I beg your pardon . . . Dr. Buffoon. Must have been a doctorate in crass arrogance and incompetence. The Conventional Wisdom is that he was put in charge in order to accelerate the cost reductions by driving away long term and talented management and staff, at which he succeeded brilliantly. And I don't think he jumped - it would be beyond his comprehension to fathom that he might not be the brilliant leader that would replace Mikey one day.

Anonymous said...

Anyone notice that Zack's published an article (http://finance.yahoo.com/news/computer-sciences-csc-beat-q3-183006546.html) praising CSC's ability to beat earnings estimates that they indicate will released later today (1/29)? I feel that there are serious flaws in some of the reasons provided for the positive comments; also find it interesting that the stock is down today despite this glowing report...

Anonymous said...

I was a manager last year that reviewed numerous people. We did the right thing and reviewed people based on their performance as tied to the CLEAR values and the strategic goals we had set for our group for the year as well as the delivery ability of our people.

As you might well imagine, our group did NOT match the bell curve, why would it if we had high potential and performing people? We submitted our ratings and were quickly told by HR that it HAD to match the set bell curve.

I went to my manager, who went to his to try and get an exception... his manager was spineless and told us we had to comply. We were also told that no one would be "shown the door" based on their performance review.

Fast forward to the summer, layoffs were looming, and who were the first people shown the door? The people that we were forced to give a low rating. We were also told everyone who received "Exceeds Expectations" would be given a raise, they then reverted that view and told us we could only give the top 20% of the "Exceeds" a raise, which I guess is a "Super Exceeds" rating.

What a bunch of horse manure... it's obvious what's going on and CSC is NOT an ethical company right now when it comes to upper management. Sounds like the same crap is happening this year.

I know I sound bitter, I am. I left on my own because I couldn't stomach it anymore.

Some might ask, why do you even care anymore, you've left the company. 1.) I still have friends that are stuck at CSC (even though the are actively looking) and 2.) I spent a good portion of my career at CSC... much like a sick relative, I still care (for some weird reason) and I truly hope Lawrie is fired or quits and a real leader is brought in... however, I don't think the Board cares and all they want to do is cash out, if that's the case, then CSC is done for.

Good luck to those that remain, I hope you land safely elsewhere soon.

Anonymous said...

1/31/2015@17:00 - Interesting story. This past week on the Corporate C3 site, there was a thread that a very high level manager type contacted one of the people who had posted on C3 and stated, point blank, that there was NEVER any requirement or directive that ratings had to meet the curve. Of course, I (and probably all others) didn't believe it for a bit. The proof is now there.

Agree that the only care, right now, for the board and highest levels are to build stock price, cash in options based on those high stock prices, and BAIL. I just wish they would bail and get it over with so we can build back our reputation and pride.

Anonymous said...

Yes they have found the new buffoon - a Philadelphia lawyer at that!

Anonymous said...

I have heard a rumor that people will be targeted and given bad appraisals and then asked to leave... with no payoff..... or be fired... with no reference.......

As appraisal season hots up.... time will tell......

Forewarned.. is forearmed....

Anonymous said...

Forced rankings? What forced rankings - I mean if CSC spokesman Richard Adamonis is telling the Washington Biz Journal that it never was the case, it must be true right?

http://www.bizjournals.com/washington/blog/fedbiz_daily/2015/01/csc-relaxes-bell-curve-ratings-for-employee.html

Don't forget UK CSC'ers, fill out your "pulsecheck #2" and use the word LIARS as one of your five words to describe CSC. Lets get that trending in their "wordle" for next time and see how they managed to manoeuvre around that one!

Anonymous said...

No way he would jump - the ego would make it impossible to discern that a push was about to happen, and nobody in their right mind (take note here, CSC management responsible for promoting beyond competence) would give him a position at a similar level. Common knowledge is that he was incapable of properly managing a single project or account, much less any part of a business.

Anonymous said...

I can't believe someone would infer that there's only one way for things to get worse . . . ;)

You obviously underestimate Mikey's prowess.

Anonymous said...

Lawrie cashes in yet again.

According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the President and CEO of Computer Sciences Corp, Lawrie John M had sold 3,300 shares worth of $209,352 in a transaction dated January 27, 2015. In this transaction, 3,300 shares were sold at $63.44 per share.

Anonymous said...

We've seen a flurry of activity on the portal blog 'forced fitting of teams to the bell curve for performance appraisals - good thing?' Few if any comments have been supportive of this system. The few supportive ones come from the usual sycophants and other apologists but the evidence showing the destructive nature of the rank and yank scheme keeps mounting. Management's campaign against its workers will continue to drive talented people away to other companies, further jeopardize the corporation's intellectual bank and erode customer confidence in a company that rates 40% of her employees as underachievers.

Anonymous said...

I see that all has gone quiet around CSC so far this year. I've heard that there are no plans for any substantial redundancies this year but instead the are starting to move to virtual centres to managed Client accounts or off shore the entire account team. I left CSC last April 2014 and at the time there were 8 managers and 10 technical staff. This is now down to 2 managers and 6 technical staff on the client site. At the time I left I wanted a pay off but they mainly let managers go. It was then suggested that instead of a payoff they wanted me to move 80 miles away to a different client site. At that time Id just received a job offer in London which was only 40 miles away. This week I got my first pay rise in 5 years at my new employer, because, guess what? They give most staff an annual pay rise with the odd bonus. I forgot how great it is to be appreciated, especially considering I've only been with them a few months and not proved myself yet. The jobs Marked in the UK is going from strength to strength so I suggest getting out before it gets worse. I know many are hanging on for a payoff but the rumour continue around reducing the payouts for those accounts who currently have good redundancy terms. Whats better, a pay out with out a job to go to or a job that pays better and give you a career furture. If your near retirement then I guess its best to tickt it out

Anonymous said...

An interesting thought, but not likely.

Mr. Fillebrown leads Mikey's Old Guard that instills and reinforces propaganda that all is well under the guise of "improving" CSC's business. And like Napoleon's Imperial Guard at Waterloo, this will be among the last groups sacrificed in the battle of cost reduction in the illusive pursuit of corporate profit. When you see the charge of the Imperial Guard, you'll know the battle is almost over.

Mikey has already demonstrated a strategy that looks like the desperate mountain climber who cuts the rope behind him to save himself from a fall, allowing his companions to fall to their death. Many of the rank-and-file guides have hurtled into the abyss in the name of "restructuring and cost-takeout". Some of his climbing partners (e.g. Siki Giunta of Big Data fame, and Sam Visner, the messiah of the data security business, along with an HR VP and various and sundry members of the next layer down ) have also seen Mikey's smiling face as their last vision of CSC before vanishing into the chasm of corporate greed.

Everyone awaits their turn, knowingly or unknowingly . . . except for Mikey, the Board, and the institutional Wall Street investors who are profiting from the artificial run up in stock price.

Anonymous said...

Wow, CSC big loser on the street today. Revenue fell 8.7% from last year. How does Mikey keep up the earnings per share?
Mikey blamed GBS for the major fall in revenue: due to "the ongoing repositioning of the consulting business and contract completions."
Must mean CSC is out of consultants and contractors to layoff to boost revenue. What's next?

Anonymous said...

http://m.bizjournals.com/washington/blog/fedbiz_daily/2015/02/csc-revenue-falls-on-recruiting-troubles-lack-of.html?r=full

Finally.......

Anonymous said...

I'd say whoever ran this site has gotten the chop. Or has left. Either way - no updates for a good while and plenty of crap still going on.

Anonymous said...

I left CSC last April 2014 at the tail end of the redundancies after my job was outsourced to India but I still failed to get offered VR. At the time I was told by my Line Manager that CSC were now sort of Technical staff and that I would be either staying on the account or moving 50-80 miles away to a new account. Once I knew this I sent my CV out and got offered a job within two weeks. Once I resigned I did get told by some colleagues I could have got VR. As it turns out that wasn't true and I would still be stuck with CSC now. I only jumped as soon as I did as the job offered great potential to get into a niche IT Finance area and most of al the Company were expanding and winning new contracts unlike CSC. Also its an area which couldn't be off shored. Looks like those techies who thought they may go in the next couple of years now may have to stick it out much longer with an uncertain future. When I was outsourced to CSC quite a few people jumped ship early on. I mistakenly thought CSC would be a great global company to work for but I turned out to be very wrong. I feel sorry for those who join on a good salary now they are desperate, only to find they don't get a pay rise for many years before the whole company get broken up.

Anonymous said...

Reading Mike's comments it seems that reading between the lines he's saying he hasn't got a clue - but here are a few excuses.

Anonymous said...

From that article:

***"I don't really know, to tell you the truth," Lawrie said.***

Finally, some words from his mouth we can finally believe in.



Anonymous said...

http://www.theregister.co.uk/2015/02/10/sales_drop_at_costcutting_csc/

revenue down..... sales down........ Mike Lawrie still saying all good.....

Anonymous said...

Mikey says

"And we've begun to have some issues with being able to recruit and on-board some of the skills that we need for work that is already under contract. So projects that have been signed but require some very specific and specialized skills, we have had a little more difficulty."

Maybe word has gotten out that people with 'specific and specialized skills' can do better.