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REACTION: Away CEO Resigns and then Reverses Course (Will They Live Up to Their $1.4B Valuation?)


OKAY. SO TODAY WE ARE GOING TO TALK
ABOUT AWAY LUGGAGE AND THEIR CEO RETURNING. SO JUST IN CASE YOU DON’T HAVE
CONTEXT ON THIS, BASICALLY A WAY IS A LUGGAGE COMPANY THAT’S
VALUED AT $1.4 BILLION. SO THEY ARE A UNICORN AND A, BUT
BEFORE WE DO, DON’T FORGET TO HIT THE SUBSCRIBE AND THE BELL BUTTON
IF YOU ENJOY VIDEOS ON GROWING BOTH PERSONALLY AND PROFESSIONALLY. SO LET’S TALK ABOUT THIS. LET, LET’S, LET’S LOOK AT THIS. THIS, THIS ARTICLE OVER HERE. AND YOU KNOW THIS, THIS ARTICLE
IS ACTUALLY FROM THE VERGE. AND IF YOU JUST GOOGLE THE VERGE
AWAY, A W A Y, YOU CAN SEE THAT, YOU CAN SEE THE ENTIRE THING HERE. SO I, I’M GOING TO GIVE YOU A
QUICK SUMMARY OF, OF WHAT HAPPENED. SO A WAY AS A COMPANY, YOU KNOW. THEIR LUGGAGE. THEY WERE KIND OF FORWARD THINKING
LUGGAGE COMPANY IN THE PAST WHERE THEY WOULD GIVE YOU A, YOU CAN HAVE
A CHARGER IN A, ON TOP OF YOUR, ON TOP OF YOUR SUITCASE. AND, YOU KNOW, THEY’RE RELATIVELY
CHEAP, I BELIEVE, AND THEY CREATED A MOVEMENT AROUND THEM. SO I SEE A LOT OF PEOPLE, I BELIEVE
IN EVEN EMPLOYEES AT A SQL BRAIN, WHICH IS A, THE AD AGENCY THAT I
HAVE, YOU KNOW, THEY, THEY USE A WAY LUGGAGE. YOU KNOW, WHAT ENDED UP HAPPENING
WAS THE VERGE UNCOVERED. A STORY OF WHERE A WAY AS A
COMPANY, AS AN ORGANIZATION IS ACTUALLY, IT SEEMS
TO BE FAIRLY TOXIC. SO YOU CAN SEE OVER HERE, WHERE THE, THE SCREENSHOT OVER HERE
WHERE IT SAYS, STEPH, COREY, SO I CAN, BUT YOU CAN SEE
WHAT SHE’S SAYING THIS. SO THIS IS THE CEO STEPH, AND SHE’S
KIND OF IN HER EARLY THIRTIES RIGHT NOW. JUST SO YOU HAVE SOME CONTEXT IN
TERMS OF, AGE, SO CAN WE ASK THEM. CAN WE ASK SOME OPS, ACCOUNT
MANAGERS TO SEND US PHOTOS OF ALL GOLD, MONOGRAM LUGGAGE,
BLAH, BLAH, BLAH. OKAY, LOOK AT THIS RIGHT HERE. SO IF WHOEVER IS DOING THESE
LUGGAGE TAGS IS BRAIN DEAD ENOUGH TO PACKAGE UP AND SEND A TAG THAT
CLEARLY HAS INCOMPLETE LETTERS, IT SEEMS EXTREMELY UNLIKELY TO ME THAT
A TRAINING RETRAINING ON SLPS IS GOING TO BE SUFFICIENT AS A
SUSPECT, A SUFFICIENT SET OF NEXT STEPS FOR US TO ENSURE
BLAH, BLAH, BLAH. RIGHT? BUT YOU KNOW WHAT YOU
DON’T DO AS A LEADER? WHAT YOU SHOULDN’T BE
DOING IS YOU SHOULDN’T BE. CALLING PEOPLE BRAIN DEAD. LIKE WHAT MESSAGE DOES THAT SEND
TO YOUR ENTIRE ORGANIZATION? RIGHT? SO, YES, I GET IT. AS A LEADER, THERE’S A
LOT OF THINGS GOING ON. YOU HAVE TO MAINTAIN, YOU HAVE TO
KEEP FINANCES TO MAKE, YOU HAVE TO MAINTAIN DIVISION. YOU HAVE TO BE
RECRUITING ALL THE TIME. SOMETIMES YOU’RE DIPPING YOUR
HAND IN, IN PRODUCT AND DESIGN, IN MARKETING, IN SALES, YOU’RE DOING A
LOT OF DIFFERENT THINGS AND THERE’S A LOT OF STRESS. AND THEN IN ADDITION TO KIND OF
HOLDING A, HELPING EVERYONE AROUND YOU, YOU’RE BASICALLY
SUPPORTING THEM, RIGHT? YOU’RE, YOU’RE SUPPORTING THEIR
LIVELIHOOD AND THEIR FAMILY, SO THERE’S A LOT OF
RESPONSIBILITY THERE. SURE. UM, BUT WHAT YOU DON’T WANT TO
DO IS YOU DON’T WANT TO CALL YOUR SOLDIERS BRAIN DEAD, RIGHT? THESE ARE THE PEOPLE THAT
ARE WORKING WITH YOU. THESE ARE PEOPLE THAT ARE IN THE
TRENCHES WITH YOU AND TO BE DOING THAT SHOWS THAT YOU DON’T VALUE
THEM AS MUCH SO THAT, THAT CAN BE REALLY TOXIC. RIGHT. UM, SO A COUPLE OF THINGS TOO. UM, YOU KNOW, ONE OF THE COFOUNDERS
OF A WAY, UH, JEN RUBIO IS ACTUALLY ENGAGED TO CEO OF STEWART
BUTTERFIELD, WHICH IS THE CEO OF SLACK. SLACK IS A CHAT TOOL AND THEY’RE A
PUBLICLY TRADED COMPANY RIGHT NOW. SO THEY DO WELL, UM, AND SO AWAY,
YOU KNOW, AS A COMPANY, THEY USE SLACK TO CHAT, RIGHT? THIS IS HOW THEY
USE COMMUNICATIONS. BUT. UM, ONE OF THE RULES THAT AWAY HAS
AS A COMPANY IS THAT YOU SHOULDN’T BE USING DIRECT MESSAGES. EVERYTHING SHOULD BE TRANSPARENT OR
TRYING TO BE A TRANSPARENT COMPANY. UM, BUT BY DOING THAT, IT
ACTUALLY SLOWS THINGS DOWN. SO YOU’RE ACTUALLY HAMSTRUNG YOUR
COMPANY BY NOT ALLOWING FOR, UM, THESE, YOU KNOW, PRIVATE, PRIVATE,
UH, CHAT ROOMS OR, UM, JUST PRIVATE DIRECT MESSAGES LIKE. YOU’RE SLOWING DOWN YOUR
ORGANIZATION USING THIS CHAT THING ON EVERYTHING’S BECOMING PUBLIC,
BUT YET WHEN YOU’RE PUBLIC, YOU’RE CALLING PEOPLE BRAIN DEAD, RIGHT? SO THAT’S SOMETIMES TRANSPARENCY
IS NOT EXACTLY THE BEST COURSE OF ACTION. SO AS WE COME DOWN
HERE, UM, YOU KNOW. WE CAN HEAR, HERE’S, HERE’S ONE
OTHER THING THAT I WANT TO PULL UP OVER HERE. UM, SO THEY, WHAT I THINK THEY
DID WELL WAS THEY CREATED A COLT MOVEMENT, RIGHT? SO YOU ARE JOINING A MOVEMENT, UM,
AND YOU KNOW, THAT’S KIND OF WHAT YOU WANT TO DO WHEN
YOU’RE CREATING A CULTURE. CULT IS KIND OF IN THERE. SO NOT NECESSARILY LIKE IN LIKE
A BAD WAY, BUT YOU ARE CREATING A FAMILY OF PEOPLE, PEOPLE THAT ARE
KIND OF, YOU KNOW, ROWING IN THE SAME DIRECTION. SO, YOU KNOW, ALL THIS TO SAY IS
THAT THIS, THIS PIECE WENT OUT AND, UM, YOU KNOW, A WAY WAS BASICALLY
REQUIRING PEOPLE TO WORK, UM, DURING THE HOLIDAYS. LIKE PEOPLE WERE SUPER STRESSED OUT
AND, UM, YOU KNOW, YOU CAN SEE OVER YOUR HAPPY NEW YEARS AND THAT, UM,
SO YOU CAN SEE OVER HERE, I’M NOT GONNA READ THE WHOLE MESSAGE HERE,
BUT WHAT I’M HIGHLIGHTING, UM. ONE OF THE CUSTOMER SERVICE
PEOPLE WERE LIKE, HEY, THERE’S TWO SCENARIOS HERE. YOU CAN EITHER TAKE
THE DAY OFF PLAN OR. BUT IF YOU DO THAT, THE TEAM’S
GOING TO FALL EVEN MORE BEHIND. OR YOU CAN WORK FOR SIX HOURS
AND GET A MONTH OFF AS A REWARD. BUT THE PROBLEM WITH THAT IS A
MONTH OFFER AS A REWARD ACTUALLY DIDN’T HAPPEN. AND YOU CAN SEE HERE, THIS
PERSON BURST INTO TEARS. UM, SO IT’S, IT’S LIKE
THEY’RE OVERWORKING PEOPLE. THEY’RE NOT BEING TRANSPARENT. THEY’RE NOT ALLOWING
PEOPLE TO COMMUNICATE. UM. WHEN YOU’RE, IT’S ALMOST LIKE, LIKE
AN AUTHORITARIAN THING WHEN YOU’RE NOT ALLOWING PEOPLE TO GATHER INTO
THEIR OWN PRIVATE CHANNELS AND COMMUNICATE PRIVATELY. UM, YOU WANT TO FOSTER
THAT TRANSPARENCY. AND THEN ALSO YOU’RE CALLING
PEOPLE BRAIN DEAD TOO, RIGHT? UM, AND THEN LET’S SEE, OVER HERE. OH, SO SHE’S SENDING A
MESSAGE HERE AT 10:00 PM. SO YOU DON’T, IDEALLY, YOU
WANT YOUR PEOPLE TO REST. YOU WANT YOUR PEOPLE TO, THIS IS
WHY WE DO A 25 DAY VACATION POLICY AFTER SOMEONE HAS STAYED,
UH, TWO YEARS PTO. IF THEY GET TO OF TWO YEARS, THEY
GET 25 DAYS AFTER THEY’VE STAYED TWO YEARS. UM, BECAUSE WE THINK IT MAKES
SENSE FOR PEOPLE TO REST. AND THAT’S WHY WE ALWAYS GIVE, UM,
I THINK, BELIEVE WE GIVE AT LEAST A WEEK OFF FOR, UM, FOR CHRISTMAS AND
THAT KIND OF WORK DURING, DURING THE HOLIDAY BREAK,
UM, DECEMBER TIME. SOMETIMES IT MIGHT EVEN BE
A LITTLE LONGER THAN THAT. UM, ALL THAT TO SAY LIKE, EVEN
THOUGH YOU’RE THE LEADER OF A COMPANY, LET’S SAY YOU’RE
STARTING A COMPANY. SURE YOU MIGHT BE WORKING LIKE, I
LOVE WORKING, BUT YOU CAN’T HAVE THAT EXPECTATION FOR YOUR PEOPLE
TO, SO THAT, THAT, THAT’S ANOTHER LESSON HERE. UM, AND YOU CAN SEE
HER SAYING HERE. I KNOW IT’S LATE,
BUT, UM, 10:00 PM. SO SHE’S SAYING, HEY
GUYS, LIKE I NEED HELP. I NEED PEOPLE WORKING. UM, I SEE PEOPLE ACTIVE ON SLACK. SHE’S BASICALLY
POLICING PEOPLE, RIGHT? SO BASICALLY THE VERGE CAME OUT
WITH THIS STORY AND YOU CAN SEE LIKE, IT’S JUST LIKE WALLS OF TEXT. IDEALLY, IF THERE’S ANY ISSUES, YOU
TALK ABOUT IT WITH PEOPLE, OR AT MINIMUM YOU DO A VIDEO CHAT OR YOU
TALK ON THE PHONE, RIGHT THROUGH JUST A LOT OF THINGS GOING ON HERE
THAT I THINK COULD PROBABLY BE IMPROVED OUT NOW. NOW HERE’S THE THING. AFTER THIS PIECE WENT OUT, THE CEO
STAFF, SHE ACTUALLY STEPPED DOWN AND THEY HIRED THE LULU LEMON, A
CHIEF OPERATING OFFICER TO BECOME THE CEO, I BELIEVE. UM, AND, BUT WHAT’S INTERESTING IS
THIS WAS SUPPOSED TO HAPPEN, UM, JANUARY 13TH, WHICH
IS, UM, YESTERDAY. AND SO LOOK AT THIS. THIS IS A WALL STREET
JOURNAL PIECE OVER HERE. SHE RESIGNED. AND THEN GUESS WHAT HAPPENED? SHE COMES BACK AND SHE’S LIKE,
WE’RE GOING TO BE CO-CEOS. AND SHE SAID, AH, YOU KNOW WHAT? YOU KNOW, THE SOCIAL MEDIA
MOB CAME OUT AND WE DID IT. AND, UH, YOU KNOW, SHE LET SOME
INACCURATE REPORTING INFLUENCE THE TIMELINE OF TRANSITION
PLAN THAT WE HAD. SO, BUT HERE’S THE THING, LIKE,
LOOK AT ALL THIS STUFF LIKE, IS THIS INACCURATE? BUT THE THING IS, SHE, SHE
APOLOGIZE FOR THIS AFTERWARDS THAT SHE STEPPED DOWN, BUT NOW ALL
OF A SUDDEN IT’S INACCURATE. RIGHT. SO, UM, YOU KNOW, THE THING HERE,
LIKE, YOU KNOW, THE WAYS LIKE DEMANDING, YOU KNOW,
CORRECTIONS TO DIVERSE. SO THEY’RE THERE. LIKE, I’M SURE THEY GOT LAWYERS
INVOLVED AND THEY’RE TELLING THE FIRST SAY, HEY, YOU GOT
TO TAKE THIS STUFF DOWN. UM, DOES THE EXACT WORKING RATIO. BUT THE PROBLEM HERE IS YOU’RE
NOT CONSISTENT WITH YOUR MESSAGE. I THINK STEPPING THAT WAS THE RIGHT
MOVE, BUT NOW YOU’RE COMING IN AS CO-CEO. SO NOT ONLY YOU’RE, YOU’RE GOING
TO DEMOTIVATE THE PEOPLE THAT WERE ALREADY, LIKE, THEY DIDN’T
REALLY, THEY WEREN’T REALLY. YOU KNOW, KEEN ON FOLLOWING YOU,
BUT THE NEW PERSON THAT YOU JUST BROUGHT IN, YOU’RE
GOING TO BE CO-CEOS. LIKE, HOW’S THAT GOING TO
WORK WITH THE OTHER PERSON? LIKE THAT’S NOT GOING TO WORK OUT
WELL BECAUSE USUALLY YOU WANT TO HAVE ONE PERSON, AND OBVIOUSLY
IF IT’S, IF IT’S ONE PERSON THAT THAT’S LEADING THE THING, ONE
PERSON THAT’S DRIVING DIVISION ONE PERSON THAT THAT’S, THAT’S, YOU
KNOW, RECRUITING, KEEPING MONEY IN THE BANK, FINANCING THE COMPANY. LIKE THAT’S WHAT’S, THAT’S
WHAT THAT CEO IS THERE FOR. BUT WHEN YOU DO CO-CEOS, UM,
IT HAS WORKED IN THE PAST. PLUS USUALLY LIKE. WHAT HAPPENS IS THIS PERSON THOUGHT
A CO-FOUNDERS PERSON WAS A HIRED GUN. SO WHO’S GOING TO
HAVE MORE OF A SAY? IT’S ACTUALLY NOT. IT’S ACTUALLY, I’M DEMOTING
DEMOTIVATING FOR THIS TO HAPPEN. SO ALL OF A SUDDEN SHE REVERSES
COURSE AND SHE COMES BACK AND YOU KNOW, THE VINYL THING I’M GOING
TO CALL OUT HERE IS IF WE DO GLASSDOOR, WHICH IS WHERE, UM,
WHICH IS WHERE A LOT OF PEOPLE REVIEW THEIR CO, UH,
WORKING ON A COMPANY. YOU CAN SEE HERE. GLASSDOOR, THEY, THEY’RE RATED AT A
3.4 OVER HERE, BUT CHECK THIS OUT. DECEMBER 5TH I LEFT
BECAUSE OF A TOXIC CULTURE. SAD BUT TRUE, RIGHT? ALL OF THE THINGS THAT ALL THE BAD
THINGS AREN’T GOING ON GOOD AND BAD. THEY’RE JUST SO MANY
THINGS GOING ON. LOOK AT IT’S DISGUSTING. TRUTH. GRASS ISN’T ALWAYS GREENER. SO EMPLOYEES ARE HONEST. THEY’RE VERY HONEST, AND THEY PUT
THEIR, THEIR REVIEWS ON GLASS DOOR, SO WE CAN SEE, WE CAN KNOW, WE CAN
KNOW THAT FROM THE SCREENSHOTS FROM THE VIRGIN HERB RESIGNING AND
THEN THE, THE NEGATIVE REVIEWS ON GLASSDOOR, THAT MOST OF THE STUFF. AND THEN THE FACT THAT SHE’S COMING
BACK AND SHE’S TRYING TO TWIST IT INTO HER OWN ADVANTAGE AND DOING
THIS CO-CEO THING, I DON’T THINK IT’S GOING TO GO OVER WELL FOR A
WAY, SHIRT THE RALLY AT ONE POINT $4 BILLION. UM, YEAH. AT THE END OF THE DAY, THE WAY I’VE
SEEN IT IS IT’S, I, I THOUGHT IT WAS A WAVE WHERE
EVERYONE’S LIKE, OH, COOL. AWAIT, YOU KNOW, IF THEY HAVE ALL
THESE LIKE, NEAT, UM, YOU KNOW, GADGETS THAT THEY
ADD TO A SUITCASE. AND TO ME IT’S MAYBE LIKE
A FIVE OR 10% IMPROVEMENT. I DON’T KNOW IF IT’S
A MOVEMENT OR NOT. UM, BUT I, I THINK A LOT OF THIS
STUFF IS REALLY GOING TO HURT THE COMPANY. I DON’T KNOW IF THEY’RE REALLY
GOING TO, YOU KNOW, UM, I, I HOPE THEY ACTUALLY LIVE IN TO LIVE UP TO
THE ONE POINT $4 BILLION VALUATION. I DON’T THINK IT’S GOING TO HAPPEN. JUST JUDGING BY, UM, YOU KNOW, IF
THE CEO IS GOING TO STILL STAY. BUT THAT’S JUST MY
GENERAL REACTION TO THIS. I THINK, UM, YOU KNOW, WITH
THIS, THIS, THIS WHOLE, LIKE. THIS IS, THIS IS DRAMA. I, I, YOU KNOW, THIS IS BUSINESS
DRAMA, STARTUP DRAMA AND UH, YEAH, JUST LET ME KNOW WHAT YOU THINK OF
THE COMMENTS IN TERMS OF, YOU KNOW, THIS ENTIRE SITUATION. DO YOU THINK A IS GOING TO BE
AROUND, UM, TO LIVE UP TO THE ONE POINT $4 BILLION VALUATION? LET ME KNOW IN THE COMMENTS. AND ALSO IF YOU’RE COMING FROM
YOUTUBE, DON’T FORGET TO AGAIN, UM, OR ANY, ANY PLATFORM RATE, REVIEW
AND SUBSCRIBE BECAUSE IT DOES HELP US GROW. AND IF YOU’RE ON YOUTUBE, CHECK OUT
THE NEXT VIDEO, I THINK OVER THERE OR OVER THERE. AND, UH, WE WILL SEE YOU TOMORROW.

Stephen Childs

2 Comments

  1. Theory without practice doesn't work. Thanks for sharing your thoughts. You don't stop your testing with video formats )

  2. Great video…business these days and especially unicorn companies seem to be creating a negative trend in employee consideration even though they preach the opposite in the media. With the advancement in employee relations we'd expect the flexible working arrangements and concepts of the like to be creating a workplace that feels collaborative but instead it seems we are reverting to factory-esque working conditions with the benefit of a job till you die. Gross.

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