To the best of your knowledge, have you ever known of an active CEO been put on a PIP? I don't know of any but I believe Stankey and Stephenson should both have been placed on a PIP. They destroyed at least $300B of value while CEO at AT&T. Yet they go unchecked and unaccountable for it. Worst of all, they act like they were somehow successful for leading T into the promised land. I don't get it!
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Interesting that you think simply not taking on the debt would have been the solution. Our company currently is much smaller than we were pre-DTV purchase. For example major business units are simply gone. Digital Life, U-Verse, Tech Dev aren't here anymore. Would you have gotten rid of them, too? What about cutting the dividend? Any way to accomplish that without a forced sale of DTV and Warner?
ceos just have their golden parachute they laugh at pips.
What do you think they should have done differently? Built out fiber to sell high speed internet? People pay at most $50/month for internet and our cheapest plan is $55. It's the same as they paid for DSL but we have a huge Capex to build out the infrastructure. This would not have grown the business at all. It is why Frontier went bankrupt.
So what would you have done?
Not incurred 180 Billion in debt and sold those assets at a HUGE loss a few short years later.
I don't know. I think we could have gone into debt for a few billion to build out the network and had some return of investment on that build out. Instead, now AT&T is trying to pay down the debt that Randall and Stankey have so wisely given us with absolutely NO return on the debt due to their media adventures. AT&T is paying that debt off RIGHT NOW with cash flow from operating the telecom network. You can defend "Leadership" all you want. 128 Billion dollars is a lot of money and this debt may well be the cancer that ki--s AT&T.
We are seeing symptoms of a sick company, benefits that were promised for years in lue of compensation yanked. Health care benefits yanked. I know, here come shortly the "you are only promised a paycheck bobble heads" No, we applied took this job with the conditions that were lay before us. We lived up to our side of the bargain.
And who exactly is going to tell him the 10 Steps for getting out of PIP?
What, exactly, is going to happen if he fails PIP?
Or, WHO even CAN save the company, for that matter, in Ten Easy Steps?
Nobody really knows..
He's been calling the shots for almost 30 years now, either in the back or now as the-monkey-of-the-day.. and NONE of his strategies have worked out.
And all the BODs that have tolerated this over the decades are just as complicit.
NOBODY is going to point the finger at him, because nobody has a plan either..
Still trying to find a good way way out of this, but not seeing it at all, as long as the same points of failure are still there..
Would I listen to any recommendation put forth by our favorite telecom consultant Randall Stephenson?
He-l no!
Yes, the market is down, great time to invest. Do the opposite of what Stankey did, buy low and sell high.
Netflix and Facebook have been doing terrible the past year. Too busy whining and not looking at the stock market.
Banked the cash. Maybe invest some of that cash in FANG, now that's an investment. As they grow, we grow.
What do you think they should have done differently? Built out fiber to sell high speed internet? People pay at most $50/month for internet and our cheapest plan is $55. It's the same as they paid for DSL but we have a huge Capex to build out the infrastructure. This would not have grown the business at all. It is why Frontier went bankrupt.
So what would you have done?
Stankey has earned his right to be placed on a PIP. Stephenson is a consultant/contractor making 1M per year, he can be let go, ask yourself, would you listen to any recommendations from him?
Keep on complaining about Stankey and Randall, and keep the pressure on. It's starting to make a difference.
Hey, it's been a while since we complained about Stanky and Randall.
I know right? Yet AT&T continues to reward Randell Lynn Stephenson with 270 thousand dollars a month in retirement for his wise guidance at AT&T. He is not hurting too much there in North Dallas. He was forced out though when the sock was in the mid 20 dollar range. I guess we should be happy and fully endorse "Leadership" now that the stock is trading at 14.99 phucking dollars.
No, CEO's do not get a PIP. They are executives. What kind of nonsense is this?
You must understand that Stephenson and Stankey took risks to grow the business. If they had not taken these risks we would be like Frontier. Declaring bankruptcy to stay afloat and keep the network running.
PIP’s and DML’s have been removed from performance management. Especially for management, you just perform or get fired.
Woked with a MAN that was placed in PIP, came back from a DML (a manager) who was hated by his 2nd level boss. The 1st line MAN did nothing wrong but was crapped on. He decided to leave and take his 1 yrs pay and his 2nd level said he couldn't - guess was the 2nd level thought he would stay, be fired, collect nothing. The guy turned in his resignation, wrote a letter to HR, threatened to hire an attorney & walked out with $85k.
Hired back for a few years to SBC as a contractor until the 2nd level spotted him working now for about $105k. Terminated, went to work for MCI for $125 and retired after 10 years.
so let me get this straight ; we buy a dying business, satellite tv, run it further into the ground, fail miserably at various streaming ventures - and the guy gets to leave with a big package and we over pay him to begin with - despite constant failures ?????? Do you hear that ? Ya , that's the titanic after it hit
Randall was, following his disastrous media M&A.
Ultimately, he had to be terminated.
Hey, it's been a while since we complained about Stanky and Randall.
Never heard of pip, only gladys night and pips.
What is PIP?
Go Luke and the LA Clippers!
Duke Fanatic!
Sorry Jack, Kennard and BOD can direct Santone to put Stankey on a PIP. Kennard and BOD cannot place Stankey or any other employee on a PIP directly.
Mo--n
Stankey only has to answer to one person, William Kennard and the Board of Directors. Santone was hired by Stankey and is in no position to say anything. Santone is clueless and will be the next executive that is asked to leave the business.
Over the years I've known several emplyees that were placed on a PIP, some ended with the employee staying on, most were released. When compared to the devastation created by Stankey, those employees were small taters! It just goes to show how crooked the whole PIP process is. It's not too late to put Stankey on a PIP! Santone are you listening?