Really should be the new company motto. 1/3 of VPs eliminated but CEO and CFO remain. They should just hurry up and layoff 25%, tell everyone to find 25% less work to do since there’s a ton of busy work everywhere. Just concentrate on operations and eliminate spend on everything else. Split off UK and Egypt as a separate international company, Egypt cash flows to cover UK decommissioning. Then hopefully oil goes over 90-100 next couple years so the remaining US company can get sold. Of course the CEO and CFO will walk out with their massive packages but hey, a fitting end to finally put this company out of it’s misery.
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Canning VP of HR and SR of New Ventures Geology (that never discovered anything) was the smartest thing this company has done in five years. Give them credit for that. Its not even about management now. They are cutting salaries to be on the shelf ready to sell. No direction, no plans, no future.
Which company throws out 10 VPs in a day and causes extreme instability in a shrinking oil job market for all its employees? Treats employees like trash?
So many bread winners will be jobless because of the reckless decisions of MM, JC and SR who will still survive and make many more millions!!
Yeah what a joke. MB is really d-mb to stay around and they are d-mber for keeping him.
Speaking of incompetent, they demoted and retained the planning guru. It’s he a big part of the problem?
Incompetence certainly has been the unofficial corporate motto. They have been trimming executive management for a while and this big batch came on the advice of a consultant (imagine that with MM in charge?!?!?!).
The fact is that the people with EVP titles as well as CEO(/board member) and CFO have been sc--wing this company up for years and the BOD has done nothing about it. The elite will retire to their estates while the rest of us have to figure out how to survive the disaster then have made.