Cut costs the hard way: Put people before short-term profit

By Peter Georgescu

“Wall Street has warm feelings for Lowes at the moment. It’s no wonder: shareholder primacy dominates its corporate culture now as its new CEO, Marvin Ellison, has chosen to lower expenses by firing thousands of workers and outsourcing certain services the retailer previously handled itself. The measure has been brutal to employees who weren’t offered any advance notice of the layoff nor any severance pay, even though some had been with Lowes for more than a decade.”…

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