CEO patting himself on the back for taking a 20% pay cut while furloughing lower-level employees who actually earn the money to pay his salary...can upper management get any more tone-deaf and out of touch?
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I love working at Ion. It is the best company.
Staff being encouraged to retire? no more cash for redundancy? Even after grabbing all the furlough cash?
Don't forget about the slightly big bond payback due in 2021......
2015 Net Income -25M
2016 Net Income -64M
2017 Net Income -28M
2018 Net Income -70M
2019 Net Income -39M
Ion has to go back to 2014 to see $1 of profit. The company has been on life support borrowing money to stay alive for years. Not many banks are lending money in the current economic environment especially with WTI less than $30 per barrel. (Financial data available at reuters)
People have been saying the beginning of the end since 2008/9 and the bad Aram deal - we’ve pulled through all kinds of sh– - don’t be surprised to see us make it through this one too