Sudhakar Ramakrishna will be new president and CEO.
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it was around 100 people yesterday
@xv it was sarcasm in response to the person who said we have no debt
@xa are you talking about keyloop or CDK Global over in the USA cause we got bought by Brookfield about 4 years ago...
@b9 Yes and we are a publicly listed company and we are not owned by a Private Equity.
@wm tons of long term employees in Field Service and Implementation.
like people who have been here since before the year 2000.
@w5 who that you’re aware of??
Layoffs started this morning! BM squeezing out one more before he rides off in the sunset.
Vision 2025. What a garbage AF. - Drank blood and BM now going for a nap.
Good riddance.
Hearing about P&T layoffs
@b9, I suggest you smarten up, do some searches, automotive news has a great article on it, or you can just do a quick google.... The company is so insolvent that they can't take out loans or get new financing.
Brookfield-backed CDK Global is working on a debt exchange deal with lenders to address its $5.5 billion debt load and manage upcoming maturities like a $650 million revolving loan due in July 2027.
Key Debt and Restructuring Details
Debt Value Decline: CDK's bonds and borrowings faced steep discounts (with some trading around 50 to 61 cents on the dollar) amid high leverage and weak earnings.
Contributing Pressures: Financial strain follows the massive June 2024 cyberattacks, client churn (such as losing Asbury Automotive), and hundreds of millions in class-action antitrust settlements.
Restructuring Talks: Advised by financial restructuring experts, the company has been hashing out terms with divided creditor groups to exchange existing borrowings for new discounted debt instruments and stabilize its balance sheet.
@a4 the company has no debt
Good, someone who actually worked at a tech company before.
I'm sure it was 'retirement' more like, you racked up 5.5 billion in debt