Orix Employees Still in the Dark?

“I've recently discovered the leasing news site when a coworker brought it to my attention.  I would like to add a little tidbit, but as per usual I would prefer that my name be withheld. 

”I am at the ORIX Chicago Office (ORIX Real Estate Equities).  As it seems that the policy changes that have been made across the board have been legal in the other offices, it seems Illinois is a bit different.  Illinois law states clearly that if an employee believes a policy to be part of their offer of employment, that consideration must be given to that employee before the policy is changed. 

”My offer letter, which appears to be a standard letter, clearly defines several policies and refers to a summary of policies that is attached to the offer letter.  This summary reflects the policy manual as it was the day that I was hired and detail certain things such as vacation days, personal days, and work hours.  The summary makes to reference to ORIX's ability to change these policies at any time, as the policy manual does.  I take this to mean that the policies that are summarized cannot be changed.  However, I have lost 5 vacation days per year, 2 personal days per year, and my work day has been lengthened by an hour.  All of these policies are against the standard in the Chicago Real Estate industry.  What I don't understand is why Dallas is able to enforce such policy changes, and why senior management is allowing this. 

”We have not heard anything about further layoffs in our office, and I am just hearing about the turmoil in GA.  While it does not seem as bleak in this office as the NY and GA offices, we are still in the dark, and morale is bottomed out.”

  (name with held )

“Things have been real quiet for the last five weeks but this past week the rumor mill got hot and heavy again.  Keep in mind that all of these things are unconfirmed as of right now due to the fact that reliable sources have either clammed up or been let go but here goes.  First in an effort to reduce costs, starting 4/1/04 Dallas will give all Kennesaw employees the option of taking one unpaid day off per month.  If not enough people agree to this, plans are on the table for a small workforce reduction sometime in late April or early May of between five and ten people.  Don't now what departments will be effected at this time.   

“Second, all of IT in Kennesaw is going to be let go.  All IT functions will be handled out of Dallas as of 4/1.  Not sure of total number at this time but wiil let you know when I find out.  I also heard that they are offering the IT employees an extra month of severance if they agree to "cooperate with Dallas during the transition".  The scuttlebut indicates that Dallas thought that the leaks to Leasing News was coming from within the Kennesaw office.  Apparently they were disappointed when IT in Kennesaw was unable to come up with anybody who had been e-mailing your site from their Orix e-mail address.  Therefore, as punishment the whole department is being let go.  Makes you feel warm and fuzzy.

“The final thing, which is the biggest bombshell and still unconfirmed, is that Gary Corr has become so disenchanted at the way Dallas has been handling everything for the last four months that he is on the verge of resigning.  From what I hear Dallas has already approached somebody in their office about possibly stepping in for Corr.  The name I keep hearing is someone they call "Chris Smith". 

“All in all they have done an excellent job over the past month of keeping everything quiet but now things seem to be getting hot and heavy again.  Will let you know more when I find out.”

 ( name with held )

   (name with held)

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Name = Kurt W. Zimmerman
                Address = 8 Oakwood Village, Apt 6
                   City = Flanders
                  State = New Jersey
                Zipcode = 07836
                  Phone = 973 584 2166
                    Fax =
                    Email  = w2mw@amsat.org
                 Comments or Questions= ORIX Financial Services, Inc. - Jay
Holmes departure.

 “I find it rather hard for people to understand the plan that Jay had when
he joined OFS.  He was on a mission to restructure the organization.  He did
this.  Did he do it well?  Well, from the reports I've read, it would appear
that the company may not be around after 2005.  Did he do what he said he
was going to do? Yes.  He consolidated the organization, reducing the EFG
from 6 major offices around the country to a single floor in Atl, Ga.  I'm
sure there were a lot of cost savings by reducing the overall size of the
company.  However, this mission Jay was on had a term limit. 

 “After the execution of Jay's business plan, it was assumed that Jay would be leaving
to "greener pastures".  So, why do people act surprised of his departure?  I
have no idea.  Jay can look back and say "mission accomplished". 

 “As for what was left behind, well, it is sad to see that there is not much left of
OFS as I remembered it.  It will be a very sad day if and when ORIX has to
shut it's doors for good.  There were many talented people who walked the
halls of ORIX.  There was a lot of hard work and dedication that got ORIX to
a position where it once held in the Equipment Finance industry.

 “A lesson should be learned by this kind of "Upper Management Takeover" to
restructure a sound organization into something that was to good to be true.”

 Kurt W. Zimmerman
 former Client/Server Manager
 ORIX Financial Services