There is a very small group running this mess and convincing leaders they know what they’re doing. Of course ES surrounds himself with brown nosers who don’t actually know what they’re doing and walk around with a chip - meanwhile McKinsey makes millions and we get a sideways rollout of changes, information and unintentionally published or withheld info. The Board needs to demand accountability for putting people in charge of deciding the future of this company who have no idea how our business is actually run. Don’t tell me McKinsey knows where functions are best placed in a new org chart. This is a cut, paste, repeat model from Exxon’s trash bin. They don’t get it and neither do the chosen few. Peace out and good riddance to a once great company.
7 replies (most recent on top)
The group with the brilliant ideas on an ideal operating model and the leading performance team are both small and internal…even better, they don’t talk to each other, HR or business leaders. This is all done in a vacuum and very fragmented. More chaos to come. Get the popcorn.
What goes around comes around. Chevron is a company which benefitted from having major preferred oil leases and jacked up oil prices. Companies like TechnipFMC, Transocean, Baker etc.. built the industry and the oil giants gloated and bloated on their black. .If 90% of the equipment and infrastructure is someone else’s, why should a company be so big. The answer is Chevron, Exxon etc.. all are Financial and Political companies. Look at Guyana, all done by someone else, Exxon just counting cash. Now the same financial gurus will trim these oil companies down. Exxon $400B market cap, Transocean $3B. Does it make any sense. In other industries it’s more at par. Microsoft 3T, Nvidia 2T. The majors like Meta and tech suppliers and service providers are not that far apart. When all oil contractors cut 50%, the majors just stood and watched.
Let's call in Miles Finch!
Since the ELT can’t do their job and have to rely on outside consultants, every cent going to McKinsey should come out of ELT compensation.
It’s absolutely ridiculous that 28-year-olds are running this entire process, glorified MBAs from the Wharton business school who landed at McKinsey. Let them destroy the company and the oil industry- once again incompetent finance folks ruin everything they touch
The Board did decide - they extended MW beyond the normal retirement date.
I heard the same person who ran ImagineIT is leading the same efforts in IT this time. We all know how well that went.