Under Tillman’s administration, Marathon has entered the terminal decline in which decay and senescence are the only long term outcomes. All the impotent efforts at revitalization have failed and will fail. The rot that started at the top has irreversibly infected root and Branch. No doctor can revive the corpse, though life support may maintain the vegetative state for an extended period before the final collapse.
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So cos when Lee and his minions took the mega millions in bonuses and turned around a few weeks later and laid off 200 employees. Then, bless their hearts, announced a 10% pay cut and 401-K halt U.N. I’ll the end of the year. WOW! What a sacrifice for the good of MOC!
Our failures are called Payrock and Permian. Maybe you can find a way to make this $3billion screw up into the marathon name.
10% base pay cut is a sham. That will change total comp by like 1%. What a crock for whomever is promoting their sacrifice as something other than just a talking point for publicity purposes.
It’s not a crisis until we ground the company jets. A CEO can endure (vicariously through his employees) almost any amount of pain, but you can recognize a true crisis by the sale or grounding of the jets. No true CEO can endure the indignity of traveling to the investor conferences in business class. Or worse yet, appearing via Zoom. And as an employee I would be shamed equally if LT had to do so. It’s the corporate code of bushido - if the damaiyo is shamed, equally so is the samurai.
I more or less agreed, but was making a slightly different point. Kind of like a concurring opinion in court - agree with the outcome, but emphasized a different reason for agreeing with the other poster.
So like the post said TOKEN. I couldn’t tell if you agreed or disagreed ?
A 10% cut to base seems pretty generous given the executive team’s results over the last several years (and I mean pre-COVID as that is arguably beyond their control). About 20% of our peers received a 100% cut to their base pay on Thursday. Oh.,. don’t forget that Tillman’s base has increased up to 15% per year last few years, while most employees’ “merit raises” have been suppressed to ensure salaries grow only at the rate of inflation.
Token salary cut : The Company’s President and Chief Executive Officer, the Company’s Chief Financial Officer, each of the other three most highly paid executive officers serving as of December 31, 2019 (our Named Executive Officers) and certain other members of the Company’s executive leadership team will experience temporary base salary reductions of 10% from May 4, 2020 through December 31, 2020. The temporarily adjusted base salaries will not be used to calculate annual cash bonus or severance benefits, which are partially or wholly derived based on base salary.
I generally don’t post here and merely read for light entertainment but a few of you seem to be out of the loop. You probably missed this but pay was cut for CEO, CFO, board of directors and the 3 next highest paid executives per the SEC 8K released on Friday. As hard as everyone is on our leadership, I have to give them credit for cutting their own pay and protecting as much of the employee base as possible. Yes, we lost some brilliant talent and I was sad to see many friends get laid off, but if you think our company is the only one going through staff reductions, look around. Times are tough, and maybe our company hasn’t done very well on replacing the inventory over the past several years, but I’m glad to be here rather than most of our peers who are much more at risk of near term failure due to extreme risk taking (OxyDarko, ApacheHigh, Chesepoor, Ovintifail...etc). If you’re still here and are so unhappy, go somewhere else. If you aren’t, then I ask what is it that keeps you from moving on?
It like the titanic but instead of some weird civilian navy uniform the captain is wearing a rubber race car suit and helmet
Maybe LT is spending all of his time and money on his vehicles, race suits and his wife’s surgery’s. I used to think he was a decent person until I realized that he laid off all the working bees and the ones who were left behind are unfortunately do not know how to handle nor work the empty positions left behind. It’s like titanic and the ice burg will come.....
Why HASN’T LT taken a salary cut? His argument will be that no one saw this coming. A small business owner who “didn’t see this coming” goes belly up. Why should the CEO of an ill prepared company, holding almost all eggs in one basket, not also suffer a severe pecuniary penalty? In this case better would be if the BOD were to let him go...
Tillman is the Maestro of Decline for this once-great company. The fact that he has received continual endorsement from the Board of Directors illustrates the folly of allowing the CEO to have a say in who stays and who goes on the Board. They are nothing but toadies to this impotent, self-important conniver of a simpering man.
It is not strange that LT or any other of the Boys netwrok offered to take a paycut? Oh wait most of their pay is variable in stocks. THat is working out!!!!!