A US tech company says its chief executive has quit after he was apparently caught on a big screen at a Coldplay concert embracing a female co-worker, in a clip that went viral.
The clip showed a man and a woman hugging on a jumbo screen at the arena in Foxborough, Massachusetts, before they abruptly ducked and hid from the camera.
The pair were identified in US media as Mr Byron, a married chief executive of Astronomer, and Kristin Cabot, the firm’s chief people officer.
Stock goes down, they lay people off to make it go up. And they will be without a CEO for a while. The fill in person probably will be at a disadvantage in deal negotiations because the topic of conversation will be the affair, not whatever product they are offering. That will also hurt the companies future prospects and stock price.
Why?
This. Is. Not. How. It. Works.
Substantial costs savings.
This is one of the wildest assumptions I have seen for a while.
How?
Stocks often go up in the short term after layoff because of the substantial cost savings. Companies usually tie them to a change in direction to some new market that shows promise. In reality, they are getting rid of higher paid people that they will replace with lower paid people. So that will increase profits which tends to lift the stock price. If they are laying off due to poor business prospects for the future, that would lower the stock price. So it all in how they spin it, and in how the market for thier product is doing.
As for the rest, you don’t seem to know what a CEO of a small company does. This is a sub 500 person company. The CEO does a ton of networking to help get customers. And bigger companies will expect to be talking to the CEO, not a subordinate. So respect and clout are critical. Big company CEOs operate differently.