The vast majority of people have to work in order to leave and for the same majority leaving employment is not easy and frequently not an option because they risk being unemployed for long periods of time. Or when they do leave the new place is even worse.
This statement is divorced from the reality of the situation and, frankly, sounds like it comes from a position of privilege. Most job markets are not like the software developer job market where we can just leave and expect to find gainful employment with better pay and better opportunities within a couple of weeks.
Is that not an admission that his poor management and lack of vision cannot foresee any way to make profitable use of those people's labor?
A company raking in 5-6 billion per year can't find any profitable bets to make? Possibilities to invest in? All they can do is cut?
LOL. If you're that bad at capitalism then please resign and let someone else give it a try.
Reminds me of PG&E. So bad at being a for-profit electric company they need constant state handouts to guarantee profits. They made bad contracts so they need a PCIA fee for not selling me electricity. Hedging? Severing contracts? Arbitrage? Forecasting? Never heard of those, now make with the free coin! My son... if you are that bad at capitalism shut it down!
I agree with Warren Buffet's take here. A company that cuts or can only pump dividends is basically saying "we can't figure out how to make productive use of people and/or cash". What an unbelievable joke.