Looks like the 'Doomsday Scenario' for CSC has arrived after several years of denial by Laphen and Co. No wonder he's on the way out and the sooner the better. The 8K statement says they don't know how much the write off will be but that they have $1.5Bn on the balance sheet. My guess is they will take all the bad news now whilst the stock is in the tank anyways, and clear thge decks for a PE bid or takeover by Accenture or HP. I can imagine the lawyers will be reading the Analyst call transcripts to check every NHS statements by Laphen and Manusco and that a class action is inevitable. So what other bad news is there? Nordics accounting issues, SEC investigations, NHS disaster; anything else?
Agree that Laphen & crew need to exit stage left ASAP!
Agree that a competent CEO is required. Not holding my breath either.
Your statement "There are many 20, 30 years of service employees that will be caught unawares. That means many are probably in their late 40's and early to mid 50's. Where are they going to find a job to tide them over until they reach 62, 65, or some even have to get to 67 to get full benefits?" is a bit troubling - not sure if it conveys the message you wanted.
All employees, not just Management nor the employees below 40 year old, need to be Value Add contributors to the company and their own sucess. Of course, it would help if the Executives were more competent.