StorageTek says in their 10-Q filing on the 5th that their "future success depends in large part on our ability to attract and retain our key employees." It's almost comical the way in which they continue to focus on "key employees" (i.e. executives) who have proven time and time again that they are incapable of executing to get results while they continue to thin the already thin ranks of the people who actually do the work each and every day. For example recently they brought on two new executives with a salary in excess of three-quarters of a million dollars annually. This in and of itself would not have been such a bad thing if the non-performers who they are replacing weren't still on the payroll. Instead many of the people who really do the work are let go to pay for more chiefs. It's probably a good time to sell my remaining stock. The most recent StorageTek cutbacks were announced last week. Of course cutting staff has been going on for some time.
by Joshua Brauer on May 7, 2004