Smiths Medical has been an under-performing company for years. Smiths Group PLC back in London has figured this out. They brought in a new president and he's brought in new VPs, and they brought in directors, and so on. This makes the Old Guard very nervous and leads to the inevitable nasty politics. The basic problem is that the culture, outside of manufacturing, was to work very slowly while playing nice with others. The result was a culture of atrophy and mediocrity. The New President is from GE and has implemented the annual lay-off as well. Besides all the demotions, re-assignments and invitations to leave that have been done, the annual lay-off seeds the panic among the rank-and-file.
Paycheacks arrive on time
Big compnay problems with now real growth.