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David Siegel Westgate CEO Gives Raises Not Layoffs November 9, 2012

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David Siegel

David Siegel gives raises and not layoffs, even with the election results

A month after Westgate CEO David Siegel sent his staff an email that assured them if Barack Obama was reelected they might lose their jobs, he is conceding with a company-wide pay increase.

In October, Westgate CEO David Siegel stated that if Obama won it would mean massive layoff and he may even have to retire. So why did he choose to give his 7000 employees a raise? David Siegel explains in a recent interview with Bloomberg Business Week, “I wanted to help them handle the additional burdens the government will put on them.”

When asked how the business climate will change now that Barack Obama has been reelected, Siegel did not hold back. “I think it’s going to be a negative climate for business. It’s going to be more of the same, and the same was terrible. I’m not optimistic. I’m going to work hard, try to turn lemons into lemonade, but I don’t see this economy turning around. I think it’s going to be worse in four years.”

When asked what was ahead for Westgate, CEO David Siegel said “I don’t see growth.” He continued on to say “I’m not just pessimistic about the next four years. I’m pessimistic about the future of the country.”

The infamous billionaire went on to say that “I’m going to work my hardest to keep the company going and expand the best I can. We’ll see what happens. Meanwhile I gave everybody in the company a raise this week—the average was 5%.”

Instead of pink-slips, Westgate CEO David Siegel surprised a lot of people with a different memo than his earlier caveat. He told Bloomberg, “I sent everyone a nice letter today telling them I’m going to work my butt off to keep things going. I wish them well. I told them how important they are to me and I hope things are going to be better than I expect. I don’t want to fulfill my own prophecy.”

Read his latest interview with Bloomberg Business Week here. Read our initial blog and the email he sent employees here.

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