Is that happening or not?
35 replies (most recent on top)
@2k0, just two posters calling out each other’s BS.
@2f0 I would go for a VSP as well, but it does not need to be two years salary. In fact I would probably go for 6-9 months and I have just started my 10th year, and I am north of 65 years old. With AI and Cloud Computing here to stay the workflows will be changing. It is going to take a lot of employee training, and I just don't see the point in training the older employees when we can be replaced with younger employees that still have a long career in front of them. But that is an individual choice if someone wants to work until their 70's, and there are those that do and still bring a lot to the table. In my case I have a date on the horizon to exit, but I woul cut that short if a VSP package was offered. The current work schedule M,F at home makes the job that much harder to leave. As it is going into the office three days a week is almost like a part-time job and is great for easing into retirement. All the perks aside the WFH Hybrid schedule has been a blessing for me. I think it is one of the best perks I have ever had after being the oil business for 40 plus years.
Wholeheartedly agree.
Promoted way, way above her abilities. In different times she would not have even been realistically considered for the position.
Even so, she would/should have been shown the door long ago based on (lack of) performance in most other companies.
The post by @2b4+1jwxyatn9 references the post by
@1qs+1jwxyatn9 from about 6 days ago where that poster rants about who knows what, but presumably someone who has a different take on things. It reads
@1pk, claiming that something is a dangerous proposition and should be a separate debate is itself dangerous. It is something that should be a debated separately. Also, what do you essentially mean by “she essentially said”? Are you saying that you essentially heard the words or that you are essentially interpreting what she essentially said? See, I too can propose dangerous things that essentially mean nothing. But that’s a separate debate.
It can be hard to follow the call/reply at times given the way Post Ids are assigned, but it is certainly on the “the right site” as you ask.
What does it mean?
If you can make sense of the “essentially this, essentially that” post cited above, then . . . I understand why OXY is on the ropes.
@2k1, The stock is down 20% over the last 24 months. If not now, when?
@2f0 with tensions high in the ME, I think not now.
Is @2b4+1jwxyatn9 on the right site? What does this mean?
Im ready for VSP with a two year severance package.
@2d2 I think the point here is not about whether this or any CEO is altruistic or even a good person. I won’t hang my hat on the answer to that question. I think the point is, how can I stay one step ahead of decisions a CEO or any manager would make that negatively affect me. Does this site help me do that? No, I don’t think so.
@OP Only one employee needs to be jettisoned - Vicki Hollub. Clueless from day one.
@2d2 , I worked for a company many many years ago that went under. In the months prior to the collapse of the company, the signs were everywhere. I left when I could before the sh-t hit the fan as did many other employees. I was always surprised at the angry employees who stayed until the collapse.
@2ac , all true, misleading stock holders and/or employees (intentionally or not) is not the sign of an altruistic executive. My point is employees and stock holders should take what they hear with a grain of salt. One of my old bosses constantly reminded me of that. If you like your job, enjoy it while you can. But always keep your suitcase packed. If you don’t, don’t blame the company or CEO if you find yourself unemployed and not prepared for the next adventure.
"See, I too can propose dangerous things that essentially mean nothing"
We're all very proud of you and impressed with you abilities.
In fact, your whole post will really stand out on a resume.
A very rational perspective and post.
Generally agree that “CEOs routinely change course” - when it comes to the mid-term outlook for operations and financial performance, that is. No one can reasonably expect the CEO to be Kreskin.
However, I would add that CEOs also knowingly lie (they don't see it that way) to simply buy time (short-term). It's done under the guise of imperfect information or best available information at the time. A “maybe WTI will hit $ x-x/Bbl” soon and things will be OK - even though they don't believe that for a second.
That's how the game is played in corporate America.
Fair enough.
But (not you) let's dispense with this idyllic notion that VH is some altruistic “people person.” She did what she had to do to keep her position. Maybe she was a different person before hopping on the fast-track. No longer.
As CEO, she pledged (2020) to defend the dividend and two weeks later it was all but eliminated. That is a fact.
Apparently, she (per @at+1jwxyatn9) recently said layoffs were off the table and that is gospel for some. And maybe there won't be any layoffs.
But to summarily dismiss the idea (as a personal attack on Vicki, or otherwise) that a CEO doesn't/can't/won't lie - in the name of leadership - is naive, at best. Especially given her track record.
The President of (insert Banana Republic of choice here) always gives an address vowing there's nothing to be worried about and the currency won't be devalued . . . the night before it is.
Lastly, your advice to current and young(er) employees is sound and should be heeded.
Getting back to the original post, and one of the arguments below, it is true that CEOs routinely change course about just about anything. Mistakes, lies, circumstances change, all of the above?? Both employees and investors should keep that in mind. Your security as an employee always hangs by a thread. I always told my manager that I was as committed to the company as the company was committed to me. I lasted over 27 years and then retired, but I am not the norm. I suggest you keep your skills relevant, up to date, and transferable just in case.
@20t , could be a third reason.
@1qs+1jwxyatn9 (the essentially this, essentially that ranter) has a reading comprehension problem or is just off their meds.
It was a nonsensical post.
It seems like are saying that competent people sometimes get laid off due to business circumstances. That is counter to most of the nasty posts on this site that basically say laid off workers are incompetent.
WTF are you talking about and does it relate to topic of layoffs ?
I worked for a third party company that does work for Oxy. I was officially laid off this week as a reduction in force. We are the first line to get cut when new projects gets halt or slowed down. These are the facts that is true for me. This was not due to performance issue because I recently had a raise, and jobs since the beginning of the year would only last up until April.
@1rf, how does the dictionary define quibble?
The Merriam Webster Dictionary entry for “essentially” is as follows.
: in essence : fundamentally
used to identify or stress the basic or essential character or nature of a person or thing or to say that a description is basically true or accurate
The dividend was cut from $3.16 to $.04 and Reuters reported that "Less than two weeks ago, she had called the dividend 'one of the defining characteristics of our company,' and pledged to defend it. "
You might consider a $.04 dividend a defining characteristic of the company and a 98.5%+ cut as honoring a pledge to defend it, but most would not. Wall Street certainly didn't.
Quibble away, but please spare us the "how do you define" attempt at being clever.
@1pk, claiming that something is a dangerous proposition and should be a separate debate is itself dangerous. It is something that should be a debated separately. Also, what do you essentially mean by “she essentially said”? Are you saying that you essentially heard the words or that you are essentially interpreting what she essentially said? See, I too can propose dangerous things that essentially mean nothing. But that’s a separate debate.
The "totally different times" assessment is a separate debate.
The poster was pointing out that in 2020 VH essentially said the dividend was safe (pledged to defend it) and two weeks later it was cut to almost zero.
So, if you want to believe the CEO who told you that the dividend was safe, then by all means trust her when she says there won't be any layoffs.
"This time it's different" can be a dangerous proposition.
Can we please put and end to this discussion?
The CEO said there wouldn't be any layoffs. End of discussion.
Why is that so hard to understand.
The current leadership is more concerned about keeping people around than they are about pleasing the stockholders. Last time I checked the purpose of a public corporation was to provide return for the investors and not employ as many bodies as possible. Leave the charity to the non-profits.
@151+1jwxyatn9 Totally different times and the fact the majoirty held on to our jobs with only a reduction in pay is amazing in itself. If I am not mistaken Exxon cut their 401K match some are all the way, and others did the same. We kept or match and retirement that helped offseat the paycut. Tough times, but no where we are now.
Did VH use the phrase “our people are our greatest asset” or something similar when she spoke to the company?
Because, March 10, 2020 wasn't that long ago:
HOUSTON/BENGALURU (Reuters) - Occidental Petroleum Corp on Tuesday slashed its shareholder dividend and . . . .
Occidental declined to make Hollub available for an interview. Less than two weeks ago, she had called the dividend “one of the defining characteristics of our company,” and pledged to defend it.
Just sayin.
There is no layoff or vsp
For sure June, July, or August layoffs will happen. Oil prices are not going higher and debt is flat at a high amount. To get a net income to rise next year they need to lower SGA and take the charge before the end of the year. Look for a VSP in the next month followed by a lay-off by the end of October. That gives 60 days under WARN and then clean books starting Q1 2026. There aren’t many projects that can deliver that kind of buzz early next year. Sorry, but this how corporations work. Don’t like it then go work for a small 10 person company with little or no benefits.
They come when they come, stop worrying about it....
No way. VH said as much the last few times she spoke to the company. Stop worrying about layoffs and enjoy the fact you have great benefits,WFH (M,F), and a 9/80 schedule. I don't know much else any of us could want in these times. I bet there are many at Chevron and the other companies laying off that would take our jobs in a second. Again, stop worrying and enjoy what we have for as long as we have it.
Stop asking and get to work. Will have better chances if true.
Fake News not happening
There are way too many rumors going around, which is why I’m asking.