Didn’t we hear “we won’t wait until change of control passes and then cut your compensation package, we’re not going to play games with people.” And yet today, just over a month past CoC protection, we find out our bonus targets are substantially reduced. Oxy management’s word clearly means nothing.
27 replies (most recent on top)
Wish in one hand and sh– in the other - see which one fills up quickest
where do you even see your bonus target change?
@3uzh+170l8ePF
How is that greed holding onto a stock for the dividend and a long term view. Most would be happy if the dividend were still paid out to common stock shareholders and the price came back to 50% of pre-COVID levels.
Did Oxy lie to you again?
Whenever their lips are moving its natural to assume they are lying
They told us many things but they were doing the opposite behind closed doors
Needs a class action lawsuit
LOXY are destroying the LAPC ethics with their constant messing with the compensation
Sure run a two tier system that differentiates the LAPC cream from the LOXY d—beats
Why do LOXY constantly lie about their intentions?
Your poor or even non existent communication will destroy whatever little value there is left in the company
Oxy shareholders you deserve all of the pain you are getting because of your greed - Should have sold your stock and shorted this POS
Not true about the LAPC employees getting only a 4.9% pay cut make sure what your talking about and at least y’all got your pay back a lot of LAPC didn’t!!!!!
I’m still chapped I got a 30% pay cut and my lapc peers only got 4.9% cut and already made more. How is that fair?
The post below is right on. Same comment on the dividend. Probably many retirees throughout the world that got screwed on this one. The executives need to worry about the stockholders for a change.
WFH is my bonus for 2020. There should be no bonus for 2020 because the cash is not there. If I can keep getting WFH and normal pay during these times then that is fine. I do understand LAPC but Oxy bought you and you should not be on a different structure than your Oxy co-workers since we are all one. Also, until the stockholders get their dividend back there should be no bonuses. I own Oxy stock and my qtrly dividend went from near 10,000.00 a quarter to 125.00, so as the stockholder said below there better not be any bonuses until we get our value back.
Is there a range of target bonus? Mine is 20% and wonder how that varies.
Doesn’t matter whether a target may or may not get met in any year. You base your total comp package on assuming target gets paid at 100%, so I took a 30% cut in total comp this week based on target bonus reduction and LTI elimination. That’s probably in line with all LAPC. Yes we are all one company now blah blah blah. But this happened and there’s not point in trying to spin it.
Despicable company run by a bunch of self serving liars
Never trust a word they say
How can a ringfenced asset suddenly become core?
Lies lies lies
They even lie about people in the asset getting VSP and secret little deals for certain managers
My salary stayed the same and the bonus is only part of my compensation. Plus, a target is just a target. We never know how it will actually pay out. I’m expecting 0% bonus this year and maybe next year based on how things are going.
It damn well better not be x1.5 with the company not having cash, the stock price in the toilet, and very few asset sales so far. This is not the way to treat the stockholders.
My target stayed the same.
But depending on how the company does a 25% could be 37.5% if it is 1.5 times the target. It has been that way at most companies I have been at. The 37.5 % example would be if the company did really well and you personally were a very good contributor. A 37.5% bonus is not bad when you consider it to others.
I was invited to a Teams presentation a week or so ago and they clearly told us that our bonus targets would be aligned with Oxy. I think they did a fine job of being open and communicating there would be new targets. I’m ready to move forward. Hopefully there will be a bonus for this year.
APC was purchased by Oxy. Now we are all on the same bonus targets. No longer LAPC and LOXY. One company. Of course this was expected. Things change when you are in a new company.
25% bonus reduction? What was it reduced from?
I am so very upset as well. Part of me wants to say take this job and shove it... Why be loyal to an entity you can not trust?
Between how LTI’s were distributed and this 25% bonus reduction I really hope there is a class action lawsuit.
Bonus will be 0% of anything for the next couple of years.
@ Hawaiian Shirt,
I understand you are upset but don't be at the LAPC HR who are still there (very few anyway) as they are cut just like you. The leadership knew they needed to equal out pay. Now please look into retaining counsel as this isnt something they just planned up. As stated before as a theory on this forum, this was thought of but just not implemented until after the CoC protection had expired. There were many who voiced this concern and were told that it wasn't even on the table. Very specific questions were asked of their Oxy leader. Well not 1 month after expiration; it happens. Guess what it means: IT was on the table during the protection and it was purposefully delayed which could be protected per the CoC. I know a few people who are looking to lawyer up because of this and / or already had them in the wings. This will not go well and it will likley result in a few CoC packages being distributed soon. There was an employment lawyer (SE) who worked for LAPC who has been notoriously linked to a lot of these definitions and interpretations who likely has trail of convos that discuss this purposeful delay.
This just screams of betrayal of trust yet some of these people on here are still praising VH. Watch out LOXY, think of how LAPC is being treated now and you will see how you will be treated in the near future.
Agree! We need communication at least!!!
lol and you’re surprised why?
L-APC here. I am:
- Happy to still have a job given the macro environment
- Not expecting any kind of bonus for this year anyway
- Continually amazed and disgusted by the lack of communication and transparency from management and HR. I'm sure I'm not the only one fielding angry calls from a team as to why their comp was cut so much.
What kind of company does this with no communication at all?
Wait, you get a bonus? Wow ... do you really deserve one?
Cut without notification. OXY mfrs