Monday, 2 March 2015

Caveat Emptor

The contributors to this blog have some interesting, sage, and trenchant comments to offer as advice to any potential buyer of CSC. Here are some listed as they occurred over recent weeks. The formatting isn't pretty but the words tell their own story.

Interesting to see how Wall Street really don't actually look at companies at all.

Those stinking figures caused the share price to fall from $64 to $60 - seems a little low, but I suppose at least a reaction.

However, by the end of the week, the price is up to just under a record high for CSC.

I suspect some market commentator will say that with the SEC investigation behind CSC and the pensions fund problems sorted then everything is clearly on the up and a brighter future is around the corner.

If you took only 5 seconds to do the analysis then you might come to that conclusion, but the rest of the market briefing talks of no new products to sell, no customers to buy them, no staff to deliver them and "no clue" from the CEO.

Still Wall Street, I'm sure that's a mighty fine investment you've just made...

         Anonymous15 February 2015 at 21:52
Nothing learnt from the eighties....... anybody with any investment in a 401K, stocks or, heaven forbid, CSC should read Liar's Poker.
        
         http://www.amazon.com/Liars-Poker-Norton-Paperback-Michael/dp/039333869X
          
         Anonymous17 February 2015 at 14:26
You have to be clueless to buy CSC shares today at a price which is just pennies off its highest for 10 years. Forget the analysts' spread sheets of earnings growth and all that. CSC is achieving it by cutting muscle, losing some of its best talents and by financial engineering. Look at the revenue shrinkage and CSC's competitive market position in key technology areas to get the real picture. You people holding or buying CSC stock today will be crying soon.

         Anonymous18 February 2015 at 23:37
And the price has broken new ground today... highest its been in this century, despite the market falling today.
        
         I'd love some of the drugs Wall Street are smoking.

         Anonymous19 February 2015 at 11:27
Why no one is coming forward to buy this company? Main Street is wiser than Wall Street. Or now that company is doing *great*, Mike and team does not want to sell the company anymore. Higher the valuation, less probability of finding a buyer given the questionable fundamentals we all are aware of.

         Anonymous19 February 2015 at 11:34
What will be the price if the buyback for the last several quarters is factored out?

         Anonymous19 February 2015 at 13:41
As sad as it may seem to all of us in the trenches, Mikey is accomplishing what the board put him there to do - the key is to understand what that is. His one and only goal was to drive up the stock price. Not to build a good company. Not to have happy employees. Not to foster technical and product innovation and excellence.
        
         I repeat - MIKEY'S MISSION WAS TO DRIVE UP THE STOCK PRICE BY ANY MEANS NECESSARY.
        
         As noted, Wall Street loves it - simply because the only thing they do is put numbers into a spreadsheet, crank the handle, and see if what comes out meets some standard formulas. If you don't believe this, just spend some time looking at analyst ratings and recommendations for CSC and you won't find anything about products, employees, or anything that affects our lives and futures. It's all about the money.
        
         And you have to wonder who is buying all that stock after the price dipped by $5 per share and then bounced back to a new 52 week high in just a couple of days. Further share buybacks by CSC to prop up the price at an inflated level? A bit of insider trading on the knowledge that a sale is now imminent after the stock is hitting a predetermined target? Doesn't seem to make sense that a savvy investor would want a piece of it knowing that future sales and revenue are absolutely on the decline, but again, Wall Street is experienced in fabricating fairy tales.
  
        
         Anonymous19 February 2015 at 21:17
@13:41- Excellent perspective on the events at CSC since Lawrie's appointment. I think too that he has indeed accomplished what 'mahogany hall' asked of him and he executed the mandate. What happens going forward? It's likely that Lawrie will leave once he's ratcheted down all monies due him. The challenge then will be laid on the shoulders of the next CEO to initiate damage control, stem the hemorrhaging of skilled workers, secure revenue and rebuild the company. No easy task. A lot could happen at any point and parts of the company or contracts might be sold off. 

         Anonymous20 February 2015 at 14:48
Indeed, @21:17, the next phase of the fiasco is likely to sell off either the entire company or break it up to see if the parts are worth more than the sum. Selling was on the agenda in the last days of Honeycut as CEO, and that failed because nobody could see the value of the company without the stock price being higher (starting to make some connections now?). Nobody is really sure how Laphen had a chance at the helm, and that was a disorganized and fragmented attempt at letting the heir apparent have a go at it. Now we have Mikey at the help to just slash and burn at the direction of the Wall Street master and the board of directors to gut it out for maximum money. What else could it be? We see declining revenue, talent leaving as fast as possible, and a failed new product / direction strategy (as evidenced by all of Mikey's "Shining Stars" such and Sam Visner, Siki Gunther, et. al. leaving after short tenures and no impact). No new business pipeline, falling revenues, and all the blood squeezed from the turnip for cost reduction.
        
         Please, oh Great and Wonderful Mikey, show us what's next!


         Anonymous20 February 2015 at 17:05
In another demonstration of confidence in CSC's future, CSC President and CEO, Mike Lawrie had unloaded a further 3,049 shares at $64.56 per share in a transaction on February 13, 2015

                                       Anonymous20 February 2015 at 20:58
Just to "give that some color" (in the words of Mikey), between the 12th and 13th of February, he cashed in just shy of 1.5 MILLION DOLLARS of shares.... still of 10% of his ill gotten gains mind you.

                                      
         



         Anonymous22 February 2015 at 11:06
Shares spike to over $70 over the weekend after this tweet from @dealreporter:
        
         "$CSC Computer Sciences is in discussions to sell in a two part deal to strategic and PE, people familiar tell @Dealreporter #Exclusive"
        
         I always expected something to be closed off by April..... my bet is a deal with one of the Indian IT company's, probably HCL for the non-Federal business and NPS to somewhere else.
        
         Worth picking out as a new story Cassandra...
        
         Replies
                                       Anonymous23 February 2015 at 18:21
Mikey would certainly like to sell off at handsome profit for Wall Street, but there's probably a rub - sophisticated Indian IT companies (HCL, et. al.) are probably too savvy to pay such an inflated price for the pieces of CSC that they can get. Their only leverage in the market is cheap labor, and if it doesn't involve supplying cheap labor then they are no more competitive than anyone else. The way Mikey has technology wrapped up at the mercy of outside organisations (such as AT&T, etc.) means those deals are locked in and tied to alleged new products and revenue.
                                      
                                       Just remember, they tried this play in the past, and failed miserably. All there is so far is just rumor and wishful thinking.
                                      
                                       On the bright side, thank goodness Mikey can unload another batch of stock at an even higher price now.

                                      
         


        
                                       Anonymous23 February 2015 at 18:20
Some years ago, I was with a (then) very well-known US owned IT equipment manufacturer with a large presence in the Thames Valley. It was downsizing rapidly, and many people had the same "dilemma" as you have highlighted.
                                      
                                       It was a company which an excellent technical heritage and reputation. Those people who left of their own volition by and large got good jobs elsewhere . Those who stayed for the big final payout found themselves in a crowded labour market with many other ex-employees of the same company. Companies which were hiring in the area felt that those people who had hung on for the payout had done so because they lacked either the skills, the commitment or the drive to go elsewhere. So many of those who stayed collected a payout but damaged or killed their careers by doing so.
                                      
                                       You appear to have got yourself a much better job. Be happy about it, look forwards and don't waste your time looking in the rear-view mirror.
                                      
                             
         



         Anonymous23 February 2015 at 16:33
You have to understand, and before i begin, i am not pro CSC.
         Its actually in your benefit to have what is offshorable orshored. Frankly CSC has contracts from secure onshire accounts and those bit and pieces need to stay in country. Its there that you want to be. Still wont make you 100% safe, but its better than working for an account which is offshorable.
        
         Any business leader would offshore where he can, all the major IT firms do that. The smaller firms dont do it because you need complex contract negotiations with 3rd parties, and its sometimes too much of a hassle.
        
         The problem with Mikey is that he has no logic to the cuts he is doing, sack staff and then realises he hasnt got anybody left to do the role. Sacks staff and then is saying we cant recruit anymore.... all that stinks of short term miscalculation from Mikey. He thought he was king and that his strategy would work, but its backfired and now there is no plan B. 



         Anonymous23 February 2015 at 21:36
A thought about CSC being takeover by a foreign company.
         Much of CSC's work is in the US Federal and Defence sectors. Also CSC has or did have contractors, 'security people' on assignment for the government in Asia. Also CSC does work for what might be called USA Strategic Companies. That being the case is it likely that the authorities would approve a foreign owner.
         Also to consider is that much of the back office and shared infrastructure within CSC USA almost certainly relies on government contracts to keep them whole, once you strip way government work; and the commercial contracts may have to pay more for the infrastructure and shared services/overheads.
         Whoever may/might buy CSC had better do in depth due diligence.
         Pensioners - current and future had also better make sure their Union Reps and Pension Fund Reps or Trustees are keeping a close eye on the pension funds making sure they are performing well and are fully capitalised to meet long term commitments. Those pensioners that have transitioned into CSC through takeovers or outsourcing and could find themselves under 'new management' may not see the same commitment to them as they would have seen from their original employers.

                                       Anonymous23 February 2015 at 22:21
Nps, dib and non US government /defence clients go to the PE buyer, the rest of the true commercial clients go to the foreigners. Quite simple really, probably the commercial bit is one third of the revenue and two thirds of the employees... All of csc India for a start. Ironically its probably the latter who would take the brunt of the job losses if this was to happen with an existing Indian company as the buyer. 

                                      
         



         Anonymous24 February 2015 at 09:54
Surprisingly this company is always using the same speculative trick about a take over. Worst unethical company I have known.... It is a constant lie
                                       Anonymous24 February 2015 at 10:19
I'm not sure that's actually true. Sure they are liars in the main, but the idea that someone would buy any company is always a possibility (look around, M&A always has been going on) and certainly the idea of someone paying mega bucks to purchase what you own is only "maximising shareholder value".
                                      
                                       Traders (and the share price) play off of rumours and hard facts are always impossible to obtain because any and all negotiations or approaches are cloaked in secrecy.... and so you see these events occurring from time to time... for once its not actually "CSC disease". 

                  
         

46 comments:

Anonymous said...

Any surprise that Gary Budinski has gone. Another one bites the dust!

Anonymous said...

The question has to be asked. With all these new hirings and leavings at senior management levels in CSC is there a scam going on? Someone is paid a huge finders fee to find these people yet they leave so quickly.
If it is not a scam and these new homes all turn out to be failures does Mikey have the wit to claim back the finders fees? That should bolster earnings.

Anonymous said...

Place your bets......

Mine is that Jim Smith will be next!

Anonymous said...

As part of the due dilligence of any company that would even remotely consider buying CSC, they won't have to dig very deep to find the bodies, so no one in their right mind would ever buy it... So I wonder what the point of all the cuts are?

Anonymous said...

Looks like Budzinski is beat (somebody had to say it!)

Some more management swaps again. I wonder if we just aren't seeing this correctly - maybe we have been recruiting idiots consistently and once their inability to lead is discovered CSC is saved by an intervention by the Great and Mighty Mikey...

Either that or Mikey is a totally toxic tyrant who refuses to accept anyone else's opinions and he falls out with them left right and centre followed by agreeing to differ with one party agreeing to differ somewhere else other than CSC.

Don't they say that some idiots perceive themselves as the only sane one?

Anonymous said...

The churn in "senior" management is just another obvious statement that CSC is a company without leadership as well as a clue. Mikey is responsible for putting the leadership team in place, so where does the failure lie? (rhetorical question for those who are wondering). Just look at the revolving door and trail of bodies in Mikey's wake since he's taken over.

It's obvious to anyone on the inside who has had interactions with Mikey or his senior leadership. Anyone not on board with Mikey's vision of truth is whacked. Anyone who demonstrates ethics or any moral compass that contradicts Mikey is whacked. Anyone who dares raise issues with CSC's lies and fabrications to customers regarding the true state of projects or products is whacked. Anyone who can't deliver on unrealistic sales, margin, or revenue targets is whacked. Anyone who dares breathe or think anything that contradicts Mikey is whacked. And if Mikey can transfer the blame for the failure of his ego and incompetence to someone else, regardless of whether they're in his inner circle or a someone he hand picked, that person is - you guessed it - whacked. I guess the two surviving senior members of his staff - Deckleman and Fillebrown - must be either his chief executioners or, more likely, know where the bodies of CSC's past and current misdeeds are buried and have a perverted immunity from whacking. It's certainly not because of their business savvy and leadership.

Very sad for the survivors that a once-great company with so much potential is swirling down the toilet, to be ultimately corporately whacked, the body chopped up, and mere remnants disposed of to whatever buyer can scrape something from the empty barrel. I think I've had enough at this point and am at last getting out . . . before more "cost reduction" leaves me no choice.

Anonymous said...

who's the replacement?

Anonymous said...

Jim "Anonymous" Smith. Another manager where it needs a leader. Has anyone below L3 heard anything from him apart from a couple of trite cascades? At least Tom Hogan used to keep us in the picture!

Anonymous said...

Some guy called Stephen Hilton. appears to have been lured back to CSC.

Anonymous said...

Hilton gives us plebs a good opportunity to see how the life of champagne and caviar looks like just at a time when we are all about to be told that the company hasn't got any money and nobody can have a raise.

Courtesy of the SEC's EDGAR filing system:

Computer Sciences Corporation (“Company”) has agreed with Mr. Gary Budzinski that he will step down from his position as Executive Vice President and General Manager, Global Infrastructure Services, effective March 2, 2015.

Effective March 2, 2015, Stephen Hilton, 45, has been appointed as Executive Vice President and General Manager, Global Infrastructure Services.

Mr. Hilton will receive an annual base salary of $650,000. Starting with the Company’s 2016 fiscal year, Mr. Hilton will also be eligible for an annual cash incentive award (at target) equal to 100% of base salary, guaranteed for the first year at the greater of 50% of target or actual performance. In addition, beginning with the 2016 fiscal year, Mr. Hilton will be eligible to receive a long-term equity incentive award (“LTI Award”) each year with a grant-date value of 300% of his annual base salary, in each case with terms and conditions generally applicable to awards granted to other senior executive officers of the Company. Forty percent (40%) of each LTI Award will be delivered in stock options and the remaining 60% in performance-vested restricted stock units (PSUs), or such other proportion as may be determined by the Compensation Committee of the Company’s Board of Directors from time to time. If Mr. Hilton’s employment is terminated by the Company without cause or by Mr. Hilton for good reason prior to the first annual vesting date of the fiscal 2016 LTI Award, 1/3 of the stock options subject to the award will vest and be exercisable for 90 days following his termination date, and 25% of the PSUs subject to the award will vest if the performance goals are satisfied for fiscal 2016.

In addition, at the same time as the fiscal 2016 LTI Award is granted, Mr. Hilton will also be granted a one-time inducement equity award with a grant-date value of 225% of his annual base salary (“Inducement Award”), which will consist of 40% stock options and 60% PSUs, with terms and conditions the same as the regular fiscal 2016 LTI Award. The number of shares subject to the LTI Awards and Inducement Award will be determined in accordance with the Company’s Equity Grant Policy.

Anonymous said...

Someone said "sale" so Mikey's busy dumping more shares - just over half a million dollars at February 26/27.

Anonymous said...

I am sorry, you will be placed in the 40% bell under performance group so that this guy gets his bonuses. At least it would be honest instead of the usual lies about your friendship or lack of it with your supervisor.

Anonymous said...

http://www1.salary.com/Gary-M-Budzinski-Salary-Bonus-Stock-Options-for-COMPUTER-SCIENCES-CORP.html

Gary M. Budzinski

Executive Compensation

As Executive Vice President and General Manager, Global Infrastructure Services at COMPUTER SCIENCES CORP, Gary M. Budzinski made $3,626,007 in total compensation. Of this total $650,000 was received as a salary, $301,600 was received as a bonus, $997,863 was received in stock options, $1,618,295 was awarded as stock and $58,249 came from other types of compensation. This information is according to proxy statements filed for the 2014 fiscal year.


Just one of the many FAT CATS who Mikey boy got in...

Anonymous said...

Seems very true about the "whacking". We don't hear much from anybody at the L2, or for that matter of fact, L3 leadership levels these days. I suppose they are all hiding in their bunkers trying to avoid the inevitable whacking. All that Big Data, Security, and Cloud stuff that Mikey was spewing when he first took the helm is strangely quiet now . . . and where are those brilliant leaders that were to be the salvation of CSC? You guessed it . . . "whacked". Many of them disappeared without an internal word of their leaving, little fanfare . . . dragged out of their corporate beds in the middle of the night and buried in an unmarked capitalistic grave, never to be heard from again.

Here's a clue for you Mikey . . . the only common factor in all your failed senior management choices is you. But I'm sure the angst is assuaged every time you make another large stock sale.

Anonymous said...

Well, my previous post doesn’t seem to have been “approved” so I’ll try again …

I am a previous CSC manager, ex-CSC manager, no longer CSC manager, a CSC manager no more… sorry – little Dead Parrot humor…

Anyway, I’ve been following Cassandra for a few years now and can attest to the validity of many of the comments (US-NPS side of the house).

Laphen and his last days pale in comparison to what Lawrie has brought on CSC today.

Within the past 24 months I was there, the loss of talent not to mention incentive and morale was indescribable. The last 6 months or so that I was there, I could only think that I was in a scene from the television program “Walking Dead”.

Stateside, healthcare (decreased coverage / increased contribution) was the first shot over the bow, followed by the change in distribution of matching 401K funds, then came the ‘bell curve’ assessments (by definition 40% of all CSC employees are not performing adequately). This was followed up by the CSC Corporate Shutdown during the Christmas – New Years week. This was little more than squeezing even more concessions from employees by giving you vacation but then telling you that you had to use up a weeks’ worth at management’s discretion. All of these actions were justified by some need to “align with industry standards” nonsense – it was all about cutting costs.

Finally, there was the “redeployment of resources” to Bossier City Louisiana. That in itself was not a bad thing (actually not a bad place – very friendly people – great food – real estate prices not bad) but management expected a 10 – 15% pay cut. Dave Zolet engineered this move but didn’t even show up for the ground breaking ceremony for the new facility. The state of Louisiana is investing tens of millions of dollars to build a new facility (which isn’t a real data center – just fancy office space) then charging CSC a nominal amount of rent for 10 years, IF CSC delivered 600 bodies to fill up that space. (Oh, and another thing – initially it was announced in the Louisiana press that CSC was bringing 1600 new high tech jobs to the state … as time passed the number has dwindled down to about 600.) Another ‘great’ idea that wasn’t completely thought through by the Lawrie management team.

This was a great deal for CSC (low / almost no rent) and Bobby Jindal, governor of Louisiana, in that he gets bragging rights for improving up his state’s economy by building up the high tech sector (oh, btw, he’s looking to get on the national stage with a possible presidential run!)

I saw good, talented, knowledgeable, committed professionals cast out the door by an outside consulting company whose only perspective on the employee was their location in an org chart…. all in the name of “streamlining” or “making the organization more nimble” according to Lawrie’s vision.

My point is, the folks who read and post on this blog are not dummies, they are not ‘on the dole’. They have been kicked and abused by some of the greediest corporate management types I have ever seen. But they still came back and did their jobs.

The ONLY thing that John Michael Lawire (yes he goes by John M Lawrie when cashing in his options) is interested in is the stock price. Period.

At this point, CSC does not deserve the kind of dedicated professionals needed to make the company successful – again, success is not measured in customer satisfaction, innovation or market share – it is only measured by the stock price. The rank and file will not benefit from that.

Get a “Plan B” put together and get out – on your terms, not theirs.

Anonymous said...

Excellent comment. I can only add that a company that can only offer cut spending and the illusion of a potential buyer is a hollow shell. Plan B is a must indeed

Anonymous said...

Thanks ... I feel really bad that CSC is in the current state - again, there are a huge number of great folks that I had the privilege of work for and with over my 11+ years there. We kept our heads down and got the job done.

I might have stayed on if there had been even the slightest bit of acknowledgment from senior management that we were at least doing our jobs. Unfortunately, most management ( L-4 and below ) are just as frightened as the rest of us were of being dismissed "at will". Silent obedience through fear, threat and intimidation was the rule of the day.

We live in a free market economy. If you buy a product and then become dissatisfied with it, you find another product that does satisfy your requirements. You buy that, discard the old one.

The same is true with employment. If you work toward your employer's goals and contribute to their success, you should get some sort of satisfaction from your efforts. It may not always be in the form of monetary compensation but recognition and gratitude go a long way in keeping the troops motivated.

In the current CSC model, hard work by rank and file is being rewarded with increased health care costs, reduced 401K benefits, bell curve assessments and if you are really, really, REALLY good , you might see a 1% or maybe even a 2% raise! (Sorry for the cynicism ...)

I have also seen references to Lawrie's compensation amounting to a few million. If you go to Yahoo Finance and total up just the options he has cashed in since June 2014, you will see there is quite a bit more he has taken home. ( I'd love to have a piggy bank like that! .... sorry... getting cynical again...)

Again, for the folks truly dissatisfied with the environment, get your plan in the works and get on with it. You can do better, you know it.

Anonymous said...

Taking your time to share your experience and insights speak very well about you. I don't know you, but I know a lot of people read this blog and they would agree with me that your last message in this blog is from someone with the gift of "empowering others". Yes we know we can do better, and life is too short to lose years fighting to succeed in a company that doesn't give a dime for its people. CSC is like the old Alien movie. We navigate the Nostromo and we are expendable crew.

Anonymous said...

It seems that the ex-CSC club is expanding here. I left CSC a year ago now after 9.5 years with them. In the UK from 2009 we lost our final salary pension, my account had no pay rises for 5 years, although I did get a secret 1% increase in 2013. They tried to cut our callout allowance and the last time they paid for a Christmas event was in 2010 when you got £5 a head but had to claim it from back from expenses! Completely ridiculous. Then you had to start taking 5 days holiday before the end of March (however, you did get rewarded with an extra days holiday.

I hung on after 2009 simply because I was on a big project which was good experience and paid overtime. The project drag on and then got postponed but finally went live in 2013. I sent my CV out a week after the end of the project and got a job office in a few weeks.

Meanwhile, in the UK we do get a good deal on Redundancy payouts on certain accounts. On my account it was a month a year going up to 1.5 months per years service ( which in our case included the time with the client). So during 2012-13 some colleagues were leaving with up to 27 months Salary. I would have got around 21 months but it seemed that only managers were bring let on in the end I am a Techie. I was refused VR twice in the last year and in fact would still be there now if Id not jumped. This does explain why many UK workers are hanging on for a payout. My worry would be how long now and will CSC change the terms of Redundancy to save money. I didn't want to wait to find out and Im getting older so wanted to move on last year.

I am also considering transferring my CSC final salary out as I dont trust what will happen to it in the future. It's possible it could go down the drain if CSC does a sell off and then things go under. I'd rather have nothing tied to CSC including my pension! I have two other pensions so my CSC one is not the main player so can be flexible and invest it myself in one big pot and reduced the tax on a lump sum draw down under the new UK pension rules.

Anonymous said...

Seems like more ex-CSC'ers out there sharing their experiences than ever before. Certainly some liberating comments going on, proves there is life thereafter.
In recent times I have had 5 approaches from CSC'ers looking for a career move.
A shame that a once great CSC is reduced to it's current state, is anyone with any market currency is joining?and what are clients seeing?... Good luck to those moving on.

Anonymous said...

CSC was the first long term job in my career, and I took full advantage of everything CSC offered. I was very lucky with my managers who encouraged me and gave me ample opportunity to do what I wanted to do. I started in the US, and ended in the UK. The CSC I left is not the CSC I started with. As sad as I am to see the negative changes in a company that I truly enjoyed workin at, I'm jumping for joy that I got out when I did...taking full advantage of the VR program what was offered in the UK....I came back to the US with enough money for a downpayment on a house...or in my case, a new car, a relaxing summer and the money and time to restablish myself after living overseas for a couple years.

I hope the folks that have stayed know what they are doing and don't get caught in the cross fire when everything inevitably falls apart.

Anonymous said...

Well my heart goes out to the CSC guys working on the BHS account - what happens to them now that Bhs has been sold Today?

Anonymous said...

BHS being sold for £1GBP and debt-free puts them in rude health, better than last week anyway. CSC should be jumping for joy and trying to increase O/I by at least 99p of BHS's new declared of wealth.
Hang on - Does this mean that Philip Morris could use that £1GBP to buy out CSC?... or maybe he has better uses and will take his new wealth to Poundland to get some tin foil and a funny hat.... now I'm confusing two CEO's of two once great companies... doh! coffee please.

Anonymous said...

And Mikey dumps another 8000 shares 9th/10th March - another half a million dollars.

Million dollar exit in 2 weeks.

Only another 10 million dollars he holds now. Things must be getting tight for him, poor little lamb.

Anonymous said...

Who is Philip Morris? Who were the 2 once great companies? Well could the £1 be used to help a move back to the Arndale from the current Regus Offices?

Anonymous said...

>> Only another 10 million dollars he holds now. Things must be getting tight for him, poor little lamb.

Ah, but dont forget its nearly year end. He can use the diminishing annual profits for another share buy-back, then award himself some more $0 stock options.

Anonymous said...

Newslinks on CSC sell-off efforts

http://timesofindia.indiatimes.com/tech/tech-news/Cap-Gemini-Carlyle-held-talks-to-buy-Computer-Sciences-Sources/articleshow/46365756.cms

http://www.valuewalk.com/2015/02/computer-sciences-corporation-csc-rumors/

http://dcinno.streetwise.co/2015/02/25/apple-lawsuit-smartflash-csc-rumors-and-secret-services-drones/

Anonymous said...

This blog has lost credibility. All it does is cast CSC in a negative light. I used to work in CSC and sure, CSC leaves a lot to be desired: incompetent management, zero vision, zero accountability. But a blog - any blog - that is unable to provide a balanced view of the facts is a waste of time.

Anonymous said...

Thumbs up from me if you can provide a "balanced view" of things :)

Anonymous said...

Isn't this blog the counter-balance itself to the propaganda broadcasts employees and shareholders already receive?

In the same way as CSC never provides the negatives, this blog doesn't provide the positives.

Neither are news organisations with a promise to deliver fair balanced opinion.

Anonymous said...

Pro CSC views are 90% hyped & lies. Views here are factual and from people on the ground. We all know how lies magnify and glorify as it travels up the Organisation. Meritocracy is no more and if you know how to grease people in power by telling them what they want to hear then you grow/stay in the Organization. I know this for a fact and this is still the case. Want a example? look no further than the infamous healthcare project getting delivered out of Chennai.

Anonymous said...

CSC has no credibility is implied? Poor customers, employees and shareholders.

Anonymous said...

Considering the communication from CSC to its employees is so poor this blog is the only way of finding out what is happening within the company.
CSC management are like Russian leaders - they make out they are still there and in power but only release videos that were recorded before their demise.
Take Budzinski when did he leave CSC I am sure it was well before Mikey's email.
So unless you know of a better place to find out what CSC is doing - keep it up Cassandra as this blog is not only truthful, amusing and informative its the only source of fact - perhaps it should have a link on C3..

Anonymous said...

What health care system is this that isupported from Chennai??

Anonymous said...

Hmm "CSC leaves a lot to be desired: incompetent management, zero vision, zero accountability." Sure seems fairly balanced and accurate.

Anonymous said...

Well I think this blog is brilliant. I left CSC after 10 years in technical / team lead roles. The first years were good, but unfortunately I found things did not improve for me. I applied for VR but did not receive it, so I looked around. Jobs are a plenty out there in the market. After much thought I plumped for one with a 36% pay rise. I personally think VR will be infrequent , if at all now, hence why i departed on my merry way.

Anonymous said...

People are getting terminated these weeks all over the world.

Anonymous said...

CSC is not requiring employees to take 5 days vacation at Christmas this year. I'm sure they lost a lot of talent over that idiotic move. CSC has discontinued the service award program. I have 18 years with CSC, they were a very good company years ago with great benefits. I'm now planning my retirement next year, if I wasn't 100% billable to my client, I would have been laid off already along with the other over-40 expensive employees.

"No Company Shutdown There will not be a company shutdown at the end of 2015 for U.S. employees. This will allow employees flexibility to take their vacation days as they choose."

Anonymous said...

Thats really strange - i was on the bench for a long time and no one terminated me

Anonymous said...

The trouble is that getting terminated - at least in my humble point of view - doesn't look good on the cv, so some people might be tempted to resign

Anonymous said...

When they did the mandatory vacation when CSC told you when to take it - we were all told is a one off. Why would anyone believe that if they can cook the books they will not enforce mandatory vacations again.

Please do not be so nieve.

Anonymous said...

Well people get terminated plain/simple and in other places hundreds of people they got offered severance packages to leave.

Anonymous said...

I also left CSC UK after nearly 10 years and 4 of those with no pay rise and only had a bonus the first year. Previously I was 9 years with the client before being outsourced and had a pay rise every year and a bonus with them. I did quite well in terms of getting paid overtime and on call but there was a big disparity on pay. I went for another job last year and got a 46% base salary increase.

I was one of the few people who was 100% chargeable and never spent a day on the bench. That unfortunately stopped me getting VR plus I am a techie. So I had to walk out in the end with no pay out! Over the years many people were on the bench feeling very bored and insecure. The whole bench idea never quite worked as my colleague spend many month on the bench learning new IT skills only to be told that he had not experience when applying for roles on other accounts.

I did ok while at CSC and stayed nearly 10 years simply because I got paid overtime for projects, learnt new skills and thought I might get a pay out. I finally left when there was no sign of VR, my project role had been offshored and no one knew where I would be going next but it wasn't going to be out the door. Im not knocking CSC of where I ended up as I made my own opportunities. However I feel that those people who got outsource with me and slipped into managers jobs just looked after themselves and played the CSC game. I also feel that the zero payrises for 4 years was a slap in the face as at the time I worked many long ours and implemented 2 huge project singled handed and at the end of that I was given a job filling in spread sheets! complete waste of my time.

The one thing I will say it that I will never work for an outsourcer again as a techie as you get treated like you are an overhead with no real value to the company..I hope CSC gets broken up and disappears of the face of this earth

Anonymous said...

Who deposits a bribe directly to their own bank account, especially when the bribe involves the bank you work for? We definitely need to hold seminars on money laundering and how to hide your bribe. At least our execs aren't amateurs when it comes to that.

Anonymous said...

I would assume the previous comment is in reference to this:
http://www.forbes.com/sites/benkepes/2015/03/17/cba-it-exec-charged-with-bribery-servicemesh-allegedly-involved/

Anonymous said...

the story gets worse...
http://www.smh.com.au/business/us-firm-servicemesh-founded-by-former-al-gore-adviser-at-centre-of-cba-scandal-20150318-1m26pb.html