Did you happen to notice that the amount they will "save" in layoffs ($50 -75 million) is the same amount the Steve Mueller took out of the company in salary and bonuses in the last 5 years?
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As pointed out by an earlier post. SWN could have/should have released the 1100 people some 6 weeks ago when the BOD voted Mueller out. But, they showed a lot of class by waiting until after the first of the year to layoff. Even though most of us thought the restructuring was coming we were given some time to enjoy the holiday season and three more weeks in 2016 of pay before it finally happened. I, personally, look at all of this as a blessing! Plus, the company granted a very handsome amount of stock to its employees in earlier and SWN is letting all laid off workers vest in that stock. SWN's senior management made some huge mistakes over the last few years, but they really took care and are taking of the people laid off. Now, Bill Way needs to instill a path forward and gain the confidence of the people in the new company. I pray they all make good decisions going forward and invest the current cash flow wisely. They somewhat missed that part of the formula in its CHK acquisition.
SWN could have(and probably should have) had these massive layoffs several months ago, from a business point of view. When layoffs are inevitable, due to commodity prices which are out of anyone's control, and low profit margins-I think it's pretty awesome that they offer such a generous package to those whose positions are no longer needed. I've been in this business for about 28 years and seen slow times and downsizing. Usually, a hand shake is about all you get! I've been working for SWN for 8 years and although I don't agree with everything they've done or decision they've made, I do believe they've gone above and beyond to try to help the employees who they've had to layoff. This industry is known for its ups and downs. The last 10 years in the Fayettville Shale for SWN has been a hell of a GOOD ride! I do wish everyone the best of luck and, God bless.
Nature of the Beast, been it over 30 years. It's just not for some people.....
@ygz I think that corporate PR should be concerned as things like things further tarnish the reputation...
2000 views, you are famous now...
Same thing happened to me. The way that things were handled today was very unprofessional.
The CEO sent out an email at 5AM this morning -1100 people laid off across the company. I know of people that came in at 0630 and were heading out the door at 0730. I'm not sure about all the who and where, but 50% of my team was cut including me. There is a reasonable exit package, but they were pretty clear that these are permanent eliminations of positions. As of my leaving around 9AM Nobody was really working, just sitting around waiting for the word.
Not really sure what you expect the company to do with so many layoffs. It only makes sense to lock the account out to protect assets.
My opinion is that when nobody knows who is being let go, operate as normal. Again, my opinion.
Any word on the field offices, specifically in Arkansas
With stock prices and commodity prices so low, how can anyone not see the writing on the wall? Same things have happened over and over again during the last 35 years and locking out computers is standard operating procedure for companies when terminating personnel, so why call them CS when they did what was normal for any company faced with their situation? Some potential exists that some crazy employee may try to damage the company that they voluntarily worked for, so why leave one exposed to I.T. corruption?
I wish your wife the best and hope she finds gainful employment.
Okay. Understood.
Probably not, she wouldn't like that I am saying anything.
Would she be interested in telling her story to a news reporter?
Houston. Everyone sat around waiting their turn while those not locked out were working, no guessing there who was staying!
Houston. Everyone sat around waiting their turn while those not locked out were working, no guessing there who was staying!
Was this in houston or one of their other offices?