I can’t wait for 10am CET on July 28 to come so I can listen to how well those boys are getting on, stories about how well NOV is performing re capital utilization, increased EBITDA, fables of how well the operation in Saudi is going, Closely followed by phrases like “re-structuring to meet the current sluggish market” (headcuts), lowering our fixed costs (merging facilities), exiting low margin product lines (headcuts), optimizing our footprint ( white noise), strong position (white noise)
Followed by a selection of approved questions to which the primary response will be “well thank you that’s an excellent question” followed by white noise
Ending with well looney tunes music and “that’s all folks” “come back in 3 months for another bunch of Buzzword Bingo from the popular duo of Napoleon and Joey backed by the Confabulation brothers Joe and Kirk (which one is which I don’t know, they look the same to me)
15 replies (most recent on top)
Let’s be fair....there have been several factors making this company week. A very long downturn, a price war and a pandemic. However, let’s also be clear...there is no doubt the main reason this customer stinks regardless of those factors is because of the pathetic leadership by this Chief Elfecutive Officer and all his varco goons that he put in charge. It’s Varco International all over again except this time there is no NOI Pete Miller to save them. Go away lil clayclay and take pedrito with you.
Simple maths here. If you invested day $100k ten years ago. Your investment will be circa $20k ish now. That’s 10years Loss investment. Shame because investors are locked in.
Says it all really. Such a weak company. No vision, no forward thinking, no diversity to alternative revenue stream. It’s a 1980 managed / structured organisation.
Think you are very accurate in your summary, it must be the NOV way because I personally worked for a company in the UK that was acquired by NOI prior to the merge with Varco creating NOV. For many years the business was allowed to continue successfully for many years until around 5 - 6 years ago when NOV strayed to NOVise the business. This is when it all started going wrong, anyone who had a different view to the president and VP was ignored and eventually worked out of the business. Most signed agreements to say they would not pursue NOV for any wrong doings such as constructive dismissal, race and age discrimination etc. All of these things are ent on against the senior people but we all took the money and got out of business this ‘toxic’ environment. It’s really sad to see this incompetent management team running around hat were good businesses into the ground. My only focus now is making sure I sell my NOV stock before it’s worth nothing, sad days indeed but overall, the best thing that happened to me and many more experienced and good guys. If you are made a severance offer seriously consider it as time is running out for this mis managed company.
If the higher ups (President & VP's) in CAPS actually looked at how subordinate directors launch projects and allocate resources for projects that do not have viable business cases or are so far outdated that our competitors were awarded the contract before we even started. How do I know? I've seen two of these projects go through with negative ROI especially the one where the work was already awarded to a competitor. Too bad these execs only reward their "YES" Personnel and discipline the rest who try to inform them about "no business case" and "contract already awarded to competitor". We now keep quiet and let them lead this organization down the slippery slope.
Yes we need head count downsizing by starting with the top! REORGANIZE and get rid of this dead weight!!!!
I came from the Varco side (Brandt) and it too was a good place to work with the family feel. But yes when we merged it was not long that things changed. We too felt the merger was the cause and blamed NOI for this. I do believe that when Pete left both of us suffered. I worked in Conroe for over 20 years before they laid me off. I feel that all they worry about these days are the $$$$. The family feel left, our insurance went to c-ap and the plant gatherings we had just disappeared. Managers only worried about the bonus and not the workers. Friends got moved to positions they could not handle and older talent was let go. This place become toxic and everyone that had been employed prior to the merger hated coming to work. Sad that both groups feel the merger changed what was once a great place to work and had great people working there. The way the management operates now is only about the profit margin... I understand that is the name of the game but when you put pure profit above work environment you will lose in the end. Corporate Greed is destroying America.
RE: Post ID: @1zgz+15XPy4hb
NOI did indeed used to be a real family feel and Pete Miller was all about it. He really did give a damn about the people. Unfortunately it began to vanish with the change of the logo from NOI to NOV. The infection was the Varco addition may have strengthened the company financially but infected it with a really c-appy work environment/culture. It steadily became an AWFUL place to work!
LOL... Beautifully written!!! LOL... SO well put...
BRAVO!!!
You forgot a few pointed and cliche quotes such as:
"Despite the headwinds" (Keebler loves talking about headwinds)
"Strategic rightsizing"
"our investments in (insert worthless project or term) today are paying off"
"Our people are the strength in our success as demonstrated in . . . "
I’m sure they’ll announce which business units they will be dissolving next AKA “no longer offering this product line”. As they will be dissolving more and more, to make shareholders “think” that they are proactive, when in fact it’s all smoke and mirrors... they move upper management elsewhere to keep them safe and give the remaining employees the boot.
I see a George Floyd environment rising up in the work arena! Cause i am sick and tired of contributing my f—ing time to liars who claim, “we are family oriented, and care about our employees”. When in the end, they only care about the employees as long as they can squeeze what little blood they can take! Its only getting worse! When top management keeps taking big bonuses and letting go of people.. take your bonus, stop contributing to your 401K! But they take their bonus!!!!
F— corporate america!
It will be more entertaining than a Trump campaign circle jerk.
$3 billion loss. Any advance
In my segment VPs earn $220-280K with a 55-60% bonus which can double if division over performs, the division President is on $335K with an 80% bonus and the directors are on 185-200K with a 35% bonus
Normal managers and supervisors top out at $120-130k with a 15-20% bonus
This is true throughout corporate America. Once a company grows beyond 100 people, give or take a few. The system expands to include multiple layers of management misdirection and communication failure. This is what leads to matrix management, because more than one middle manager needs to answer during “team meeting”. It also leads to “ group think” and consensus filtering of messaging both up and down the chain of command.
Hence the old joke “everything is turning to sh*t” becomes “we help things grow like fertilizer”, joke.
The BOD haven’t a clue. As long as the banks fund and the stock prices grows, it’s zoom to the future.
100% call. Why do we need so many Presidents, senior VPs, VPs, directors, senior management when all that are being cut are people who make money, produce actual work that drives revenue. Not one single senior member of staff has been impacted but they are the ones making the call and hiding the fact they have no control, nothing of value to add but pick up the big bucks. It is impossible to keep cutting the lower earning people who add value and keep the high earners pulling in over $150K plus bonus but RIF three or four people on $60K annually who actually make the company money. Meetings all day with conference calls is not adding a dime to the bottom line. Pass me the pink slip as this ride is over unless the fat at the top is cut.