Did I hear correctly they now have 5 Vice Presidents in IT; 4 new ones named today?
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There are 4 new IT VPs but it’s very unlikely they are officers of the company. It’s starting to look like a bank where everyone has a VP title. Probably what Mackenzie recommended.
At the surface that doesn't look good for corporate governance; I now share Icahn's concern. A bit extreme (5VP's) given the focus on value creation synergies (as promised to shareholders) and the layoffs unfortunately necessary to get to those synergies. I don't get it; (a) maybe with all the layoffs expected after APC is gone they can justify the added expenditures/benefits for their friends. (b) they're taking care of their friends to get the "golden parachute" when Icahn's done with them (c) it's an indirect way of the current VP/CIO to create more separation and he gets a promotion to SVP. (d) ALL OF THE ABOVE
Yep. All from legacy Oxy, with limited skills. We're not even trying to improve.