I am in a position to know. In a meeting in 2018 discussing laying everyone older than 55 off that we could, except Management. They are doing exactly this without severance and taking millions in stock not vested.
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This action is the result of a basic integrity deficit on the part of management in the “C Suite” and its BODs. If I were an analyst following Concho, I’d be calling out the management who approved the budgets and strategy that put the company in the place they are now. They are the culpable parties, the folks who should be surrendering unvested shares and getting fired. Unfortunately, that’s not the way the world works, one brand of pig f—er covers for the other.
Unfortunately this kind of thing is super common. They know the likelihood of someone actually pursuing legal action, and the money on the line is risked accordingly. Typically that sum of money is less than what it would cost the company to simply pay the employee what is owed for retirement, so they take the cheaper option.
Numbers and risk, is all it is. Super shady, nonetheless. Probably the biggest downside to working for public company: the employees are last on the list of people they care about.
I can’t believe they are doing this, how are they getting away with this?
Maybe the Aggie network needs to know...they don’t lie, cheat, or steal or tolerate those who do...hmmm
Class Action or The Labor Board? Or maybe the local press? This needs local attention!
I was let go after 7 years and told it was because of a performance issue. I'm 68 and was literally three months from retirement and lost over $100k in stock. They told me it was because of my performance, but I never ever received a negative performance review, nor ever had any write ups. Just last month my boss told me I was his top guy, now they're telling me the exact opposite. I don't know what I'm going to do. I have nothing.
Hmmm
Sneaky