WFT who just emerged back from Chapter 11, flew 300 people from overseas and rented the entire Marriott Waterway Hotel in the Woodlands, Texas, the most expensive hotel in the entire city for two nights and call it WFT LIVE event!!!!
Basically making money rain and wasting bankers money this time. Doing exactly the same and expecting different results! Way to go WFT!!
Its a ship show.
It's a sinking ship, they have no experienced employees left, not making profits, assets are junk, not paying their bills, making the same decisions from management will keep going down.
The optics of this look bad and it could surly have been done in a more economical manner. However, that said, you have to plan for the future and get your team on the same page and working as just that a "team". Weatherford has to get rid of the silos they work in (region, country, product line) and move forward with a single common interest and goal.
What will be telling is how these folks that came in go back and communicate the message, share the vision and drive to ensure it is realized. If the management team can not capitalize on this and do not make it happen - hold them accountable and show them the door. Their parting gift was an all expense trip to The Woodlands.
The issue is, Weatherford management will not communicate it, will not share it and surly will not drive it to realization. That is the failing and worse than that, those that fail at this task will not be held accountable and that is the true failing of the company and it board.
Also, thanks for the big write-off on the stock position last year WFT, they offset the gains on companies that can turn a profit and get rewarded for doing so. Yes - I am a s—er for buying the stock to start with, the Koolaid got me.
how was the food
No regard for operational committments. 2 days in woodlands mrans a week away from from the job. Plus it can mess up your tax status since youre only allowed a certain number of days in usa and still keep expat status
What was the point of this? It seems reminiscent of those 'strategy' meetings Completions used to have where management would hole up at the San Luis in Galveston for a week. Total waste of time and money.
I heard one MFG director was in attendance for two days and completely incommunicado whilst their plants are an absolute shambles and are cratering on massive orders for key clients across all geozones. The fact the choice to attend was taken shows how clueless, and out of their depth, this individual is.
Very unlike Weatherford management to squander thousands away like this, usually they squander millions.
What says marriott is going to get paid? Its a pain in the but to get called in from overseas for something like this. Oh well if this is what they want to do thats fine.
"Weatherford, a major international provider of services to the oil and gas industry, wanted to showcase and celebrate their excellence by hosting an exclusive event for key employees"
http://dancollings.co.uk/work-weatherford-live.html
Shocking behaviour from the leadership of this shambles of a company. We don’t turn a profit, not sure how going Live is going to change the profitability of this company 😁
More fool the people that keep pay rolling this entity. At least Marriott will make a few $ out of the exercise and the environment gains some more CO2.