https://seekingalpha.com/article/4301222-national-oilwell-varcos-best-days-may-behind
6 replies (most recent on top)
This guy below sure does sound a lot like MallCop. A guy that was despised my PM for trying to impress him with nonsensical, irrelevant and just plain ridiculous information. Saw right through his mumbo-jumbo. You can say all you want about PM but no one thinks your gibberish is correct and certainly no one thinks they are better off now then when he was here. The only ones are the Varconians at the top.
Yeah, good ole PM. Buy a company, then another company, then another company and allow 3 or 4 or 5 offices doing duplicate work in the same city. Yeah, he was amazing. It was his leadership and his vision that led to the largest expansion of the company and employee count and that was about 60% too big for the business being done. He did nothing to fix it. He did nothing to correct the numbers. He left it, like a cancer to grow and spread and wait for the next guy to deal with. PM made multi-millions doing virtually nothing and ultimately setting up the demise and failure of the company he built up unless the right person was brought in to fix it.
His choices of leadership were corrupt and self serving and did only harm to the company from every region of the world. So you can pass the buck to those people running the company but they were all his hand picked guys that skimmed off the top or even created elaborate schemes to make money off the company and agents and governments. That was NOI people, not Varco people. The one's in charge today are incompetent but they aren't near as dirty as that original crowd that PM put in place.
Then he went to Transocean and did the same thing. You have some serious revisionist history about good ole PM. He personally profited and left a big steaming pile of burnt hair covered t–ds for the next guy.
PM new what he was doing, there is no question about that. Keebler and his Varco elves are clueless and are doing exactly what was done when they were acquired by National Oilwell. However, this time there is no PM to bail them out. So as employees let’s just sit back, check out our social media, expense everything possible and watch these geniuses spit out excuses for their mismanagement while the company goes down further. Mark my words, these guys will slowly bail, atleast we can hope.
Just goes to show how little you know about how PM ran the company, His plan was simple buy a profitable company which complement what he already had, decide which was largest (what he already had or what he had just bought, and which was more profitable) then integrate it only as far as the business unit, not the segment. Leave the managment who were passionate about their product line in charge and reap the profits. Result lots of happy motivated employees making a profitable company.
Now look at how it has been ran for the last few years, integration at the segment level under Segment Presidents who are there not for their business skills but because of their s— up skill. VPs & skilled employees being managed out of the company by passive bullying etc.
I agree the next guy has done the impossible but that is take a good company and make it a horrible place to work.
All these PM lovers crack me up. He ran the company horribly. He was vindictive and punished anyone who left the company. He didn't actually manage or have a plan for all these acquisitions. In fact, the acquisitions and financials hid all the terrible operations he had. He was a visionary for acquiring companies but he was a tool when it came to actually running the company. Other than being a nice guy, the company was in a terrible position when left. The only thing that made it somewhat attractive was the price of oil.
Then the next guy came in and did the impossible. He ran it even worse.
Best days were over as soon as PM left and Keebler stepped in.....