Lot of folk commenting on here not sure why a once great company is suddenly deciding to retrench and go back thirty years and turn itself back into purely wellheads and pipe (they won’t manage to sell trees if Houston are the base). They engaged a company call McKinsey around two years ago to consult on structure and strategy. This company had a remit from certain people which led them to go down sacking the COO, and asset stripping a company who owned many of their global facilities. For the last 18 months someone has been blindly following their base forgetting that you don’t know what’s round the corner and now all office space is worth a pittance if what is was pre covid. Accountants have a key role to play in any company, but when you have one that thinks he’s Gordon gekko and blindsides himself into a pandemic that is changing office working forever (not to mention alienating a huge part of the company’s customer base) you have someone who is going to s— what he can for now and walk away when he has to.
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Exactly why he was pushed out. He knew centers of excellence don’t work for small service companies.
The only person that knew it wasn't going to work and told them not to do was pushed out the door "early retirement".
And senior mgmt that chose this path are still employed, receiving bonuses and some promoted. Unreal. While many smart, dedicated and hard working employees lost their jobs. There is no future with this company
“Not on my watch“ .....
Yes. Paying consultants to tell us how to run our own business was an asinine notion. Biggest mistake. The only thing DQ excels is cost cutting at the expense of productivity for a restructure that clearly wasn't the the right direction and now to "roll back" these structural changes, again at the expenses of cost cutting. Idiocy at its finest
Consultants at McKinsey are usually out of top notch MBA programs without any additional experience....one week consulting Dril-Quip next
week at Dell, and then at Waste Management.
In other words they got zero skill for niche business
like offshore manufacturing. There is a reason
why DQ had vertical integration....how did GE do
with that type of thinking?
Question really becomes who will buy DQ’s assets for pennies on the dollar when this is all said and done....
Weatherford “engaged McKinsey” over two years go. What a sh!t show that was. Did you have WAVE initiatives? Wave goodbye more like. Raped Weatherford financially and achieved nothing. Ended up in Chapter 11 and paid these mo–ns a fortune for the privilege. WFT still have people who believe in this hype and that is why they will more than likely crash and burn. Be here now on my mood elevator, accept the challenge, ensure your blue chips outweigh your white chips. FRO mo–ns, I am out of a job now.
There is no future all downhill from here. Will be a case study on how to wreck a once profitable and successful company
Let us bow our heads and share a dookie together in the dq restroom.
It may make sense when we are told the truth about the companies future....