>>179952, >>179953, >>179954, >>179955, >>179956, >>179957, >>179958, >>179959
While I would periodically question the growing expenses and high staff turnover, I stayed uninvolved with the office other than a once-a-year meeting when I briefly reviewed the operations and the financials and determined bonus compensation for the President and the CFO. I spent no time with any of the other employees or the operations. The whole idea behind TABLE was that it would handle everything other than my day job so that I would have more time for my job and my family.
Over the last six years, expenses ballooned even further, employee turnover accelerated, and I became concerned that all was not well at TABLE. It was time for me to take a look at what was going on.
Nearly four years ago, I recruited my nephew who had recently graduated from Harvard and put him to work at Bremont, a British watchmaker, one of my only active personal investments to figure out the issues at the company and ultimately assist in executing a turnaround. He did a superb job.
When he returned from the UK late last year after a few years at Bremont, I asked him to help me figure out what was going on with TABLE. When I explained to TABLE’s president what he would be doing, she became incredibly defensive, which naturally made me more concerned.
My nephew went to work by first meeting with each employee to understand their roles at the company and to learn from them what ideas they had on how things could be improved. He got an earful.
Our first step in helping to turn around TABLE was a reduction in force including the president and about a third of the team, retaining excellent talent that had been desperate for new leadership.
Now here is where I need your advice.
All but one of the employees who were terminated acted professionally and were gracious on the way out (excluding the president who had a notice period in her contract, is currently still being paid, and with whom I have not yet had a discussion).
The highest compensated terminated employee other than the president, an in-house lawyer (let’s call her Ronda), told us that three months of severance was not enough and demanded two years’ severance despite having worked at the company for only two and one half years.
When I learned of Ronda's request for severance, I offered to speak with her to understand what she was thinking, but she refused to do so. A few days ago, we received a threatening letter from a Silicon Valley law firm.
In the letter, Ronda’s counsel suggests that her termination is part of longstanding issues of ‘harassment and gender discrimination’ – an interesting claim in light of the fact that Ronda was in charge of workplace compliance – and that her termination was due to:
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https://x.com/BillAckman/status/2040547553675194539
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