They are telling VPs that they are cutting 50% and managers 30%.
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I'm out regardless. Time for a new adventure outside of the energy sector.
@5yqb that's what happened last time (at least in accounting). Had a Senior Accounting Supervisor, who contributed nothing, put on my level and still did nothing. If the become individual contributors but still make the same salary and contribute nothing, what's the point?
Watch. Almost no managers severed and some become individual contributors. Will be fun working side by side with former superior. Wonder how the ranking sessions will go moving forward.
@5ut. I realize it says lump sum. Vesting stock won’t be a cash event for the company. I was just giving other ideas for the mgrs and execs who will also be let go. They could do things differently with them. Us worker bees will be lump sum. Just give me my 1.5x salary value!
It specifically states it is lump sum
@2bll: It won't be all cash. Some of it will be by allowing the Staff and Sr. Staff folks stock to vest early. Then they'll pay them cash. Any employee with stock will get that vested early. Then they will make up the difference with cash to get to 1.5x salary. They can also have it pay out over a year. That's also going to be part of the deal. Won't all be one lump sum. Lots of ways to skin this cat.
Let me get this straight. They are cutting half the company. If the average sev payout is 200,000 then pioneer is flipping a 200 mil bill. yeah right
@vkm That should be flipped and then doubled.
I hear the are cutting people in half. Decide if you want arms or legs.
Is that across the whole org or will it split differently across areas?
Managers are 30%. Individual contributors 50%.
Heard they are cutting 100% and adding 40% more managers
Need to cut VPs by 70%. Waaaaayyy too many of them.
Is the 30% manager cut part of the 50%? Or they’re going cut individual contributors 50% and managers by 30%?
Sounds like d&c