[infrawhispers]

From a friend: Everyone was laid off with no severance or benefits. The CEO put all the blame on a lender in order to explain why there were no severance packages. This sucks because they took it upon themselves to offer staff retention bonuses earlier this year to keep people around after the earlier layoff.

[apercu]

I'd be interested in whether the C-level got any severance or healthcare....

[mixdup]

regardless, C-level salaries were probably high enough that they can skate by a while without a salary for a bit and pay for marketplace healthcare coverage if absolutely necessary

[MaxHoppersGhost]

Everyone's salaries were probably high enough to skate by for a bit... it's a tech company not a burger king.

[mixdup]

fair, and if you work at a startup you should be ready for it to evaporate overnight

another point, though, is the c-suite probably had more information as to how precarious the situation had gotten that the rest of the employees might not

[cheriot]

I LOL'd. Let's also remember that every tech company has middle and low wage jobs as well.

[MaxHoppersGhost]

What would those be though? I work at a U.S.-based software startup with 100 employees and no one makes less than $80K. Avg cash comp is just under $200k. It’s likely Convoy had a very similar profile.

[mixdup]

under $200k isn't a massive amount of money especially if you have a couple of kids and live in a high cost of living area. You definitely shouldn't be paycheck to paycheck but it would definitely be in the realm of "oh shit" if you lost it and your health insurance (again, especially if you had kids) overnight

versus a CEO who may be making double or triple that, and knew the end might be coming and started saving up extra

[cheriot]

The place I work has physical security, baristas, and random other staff in an expensive city. Tbh I don't know what they make.

[justrealist]

Why do you assume the worst, with absolutely no information?

The company is shutting down. I'd bet you a lot of money nobody gets anything.

[mmanfrin]

Probably because C-levels almost always get disproportionate parachutes regardless of performance.

[apercu]

At higher levels you usually have insight that these things are coming and can negotiate retention bonuses and other benefits, or threaten to walk (sinking shop and all), and I think it's likely, so I asked the question....

[alex_lav]

> The company is shutting down. I'd bet you a lot of money nobody gets anything.

Let's define a lot and then I'll take this bet.

[givemeethekeys]

Probably because they're the hardest working people in the company and deserve it more /s.

[zyang]

During an acquisition if there's no meaningful revenue headcount is what matters. This was 100% on the CEO.

[bagels]

Why would a lender lend them money to pay severance and shut down? Completely implausible explanation.

[gwbas1c]

> The CEO put all the blame on a lender in order to explain why there were no severance packages.

Even Elon Musk famously claims that Tesla got dangerously low at times.

I've been through two acquisitions that could have gone this way. (But didn't.) It's really "par for the course" in the startup world.