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In this bunch of people being laid off at Duke Realty, there are probably many
that have wanted to start their own businesses. People that are very tech smart
and know the real estate market thoroughly. People that are also very financially
savey.
The city of Indianapolis ( Department of Economic Development )
should work with these individuals to re establish themselves and to start new
businesses in our city.
Good idea, Keith – but I wonder how many of the 300+ have the skills, financial wherewithal, etc. to strike out on their own.
Randy:
Thanks.
I thought of that because I remember that Boeing had massive layoffs several
decades ago in the Seattle area. Many of these laid off Boeing people started
their own business
in the Seattle area helping to make it what it is today. A highly successful tech
city that people are flocking to.
Pure greed drove this “business decision.” Shame on Jim Connor. A tinge of guilt? Please.
Michael G.
Agreed completely.
Takeovers aren’t something I would normally criticize. But this really reeks of
agreed!!!
Duke was a class act and great corporate citizen of Indianapolis. But the people who actually grew Duke into what it is–the employees–lose their jobs while a select few get millions. I’ll hazard a guess that the “generous” severance for the employees is a very small fraction of what Connor got. They might not have to “rush out and get a job,” for a year or so, but they will eventually need a job; and that puts them in the middle of a likely recession. Think Connor is worried about needing to find another job??
C Suite and BOD are beholden to shareholders, not employees. That’s the rub of being in those positions.
$10 million of shares on $26 billion to Collins. I doubt that’s correct.
Mergers and resulting layoffs are a fact of life and, if you believe in the theory of economics, it’s a good thing generally. But it’s a shame that Prologis could only manage to keep 10% of Duke’s workforce employed.
@Mickey Shuey – can you get the info on how generous the severance package is? That is a subjective term that sounds good, but it depends on whose perspective your viewing it through. The employer might think one month is great but many of the employees might feel as if it may take them 3-6 months to find a comparable position. Especially if they are > age 50.
My son’s uncle works there and I was told he will be getting two years’ severance. True or not I don’t know.
Local application of the Friedman doctrine of the primacy of creating shareholder value
Milton’s theory that management has but one duty and that’s to maximize shareholder value without any regard whatsoever to any other issues – such as employee morale, loyalty, the environment, or the greater social good – has been discredited by many noted economists, noble laureates included. Essentially, such self-serving, single-mindedness eventually catches up with the stock price as employees, investors, etc. view this as short-sighted and fails to take into account the wider range of “stakeholders”.
Randy, my point is that when the BoD is faced with an offer lucrative to shareholders, none of those things matter – it’s only a transaction – and what is considered are transactional parameters of price, legality, likelihood to close, etc. Agree that with an ongoing business, Friedman’s position has been disputed. In this case, the acquirer is a worthy operator and positions being eliminated are duplicative.
Prologis is a class act, we have several leases in the city of Indianapolis and they are by far the best landlord we have. Easy to work with, very responsive and very competitive. I think if Duke had to sell, Prologis is a great company to sell for. I do feel for the people that are laid off however this could present a great growth opportunity for them elsewhere.