More Details on Cygnus Pay Cuts–From the Source

Over the weekend, a disgruntled Cygnus employee sent me a meeting that s/he had taped secretly.  He assured me that what s/he had done was legal.  The meeting was a teleconference between Tony O’Brien (co-CEO of the company) and a branch office.  Here are some of the more interesting points/quotes:

“[We] finished 2006 with growth of 1.8% year over year.  That growth rate, given the dynamic business we’re in, was disappointing to us, and disappointing to the folks at ABRY.“

“We’ll grow at 5.5% in 2007, and we’re pulling out all the stops to grow at 6%.“  We’ve grown our EBITDA “substantially” this year.

“These cuts are necessary to us to have a good relationship with our banks.”

“We have to be a better business than we were when we came in.”

“We did not have a credible interactive offering a year ago…now it is.”

“[We're] worried that people are wondering if they should jump ship before it sinks…but the ship’s not sinking.”