The company’s LinkedIn page just posted some nonsense about solar panels, all while Ellliott is picking up steam on a “concentrate on refining” message. Joe out of touch can you be?? Hopefully Elliott is taking notes on who is supporting “the white card” posts l on LinkedIn. Those folks need to go along with the CEO and board. They are the chief Kool Aid drinkers driving this “transformation”
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Re: the poster mentioning that anyone not supportive of the white proxy is a “bad employee” wanting to “wreck the whole company”.
This is further evidence of folks wanting to act wholly in what they perceive is in their best interests i.e. preserving their cushy jobs/positions. Supporting the gold proxy (or elements of it). doesn’t mean that you are against “the company”. It just means that you question PSX’s present strategic direction and / or corporate governance and /or commercial execution vs peers and/or structure…..or any combination of the above.
I’m not sure many of the “sheep” truly understand why a public company proxy process exists, or how it works in practice. It’s a critical part of the governance process; without it, it would be a simple fiefdom (which trust me, many of this present ELT and board would be more than happy to put in place; it’s been very good for them financially; many have built close to generational wealth in this structure).
It’s not easy for an opposing entity to get a proxy battle to this point; in general, you have to do your homework and do a lot of digging and research, and then at least put forward a decent hypothesis for change. And then through all of that, put forward a good enough case for the independent proxy advisory firms to hear your case and put forward a recommendation from a SHAREHOLDER perspective.
The fact that Elliott was able to get something credible this far forward through all of that is a damning enough indictment of the present enough strategy and structure. Had the house been clean enough, Elliott wouldn’t have been able to come close to tabling a clean - up of their own, let alone potentially forcing it.
If one is apoplectic about the structure of the company potentially changing dramatically - first take a look at present PSX leadership’s poor decisions in some places, and flat out inaction in others. The barn door was left open for too long for Elliott to walk on through (also remember that DE Shaw approached PSX leadership just before Elliott post COVID; it was just a much softer approach).
This isn’t new. Or excusable. Point the finger in the right direction.
Employees have every right not to trust ELT and team , they are big hypocrites stating that people are biggest strength yet they have ruthlessly kicked good hard working employees out and awarded themselves additional bonus pay hikes . GO GO has bagged hefty 70+ million dollars since(2022) he became CEO of P66 , what exactly has he accomplished other than opening doors to consulting firms and kicking employees out needless to mention that him and his ELT crew are solely responsible for the situation we are in .
Read the Elliott presentations and other materials.
Being against Go Go doesn’t make us bad employees.
Crazy how disgruntled you all are that you’re wanting a corporate raider come in and tear everything a part. Because you all aren’t good employees, doesn’t mean the entire company needs to suffer
Also a bit “SMH” about and by the middle management / jr executive employees spouting off pie in the sky talking points (via LinkedIn, this site, and SeekingAlpha) to try (I guess) in their own way to rally momentum behind the white proxy card and ELT agenda.
Some of it is so misguided and totally driven by keeping their outsized compensation vs the market (no matter how much they have seen this ELT absolutely hammer very good and high performing value adding people, ending careers for supposed cost control - while paying themselves more and more vs the market) that it truly does remind one of Animal Farm/the Bolsheviks. Talented folks with critical skills just “being disappeared” - while the company continues to stumble along in any area involving complex conversion (ie refining and chemicals), particularly vs peers in the same space.
And at the same time, the “white card” folks saying absolutely nothing about said underperformance, particularly as Elliott points it out. Because they have kept their outsized paychecks vs the market, and wish to in the foreseeable future. (And it is, after all…….”early innings” in transformation 🙄🙄🙄. Why don’t we replay the second inning a few times for practice, team????).
And what makes it such a shambles it is that it comes from all parts of the company, and all levels. In PUBLIC fora. Whether it’s former comms folks who don’t understand (or worse yet, care about) basic corporate finance or shareholder value maximization principles, to legal specialists who blindly repost any media or brand info produced by the company or its board members whatsoever, to MBA marketers stating that they “only respect” those who vote the white proxy card, to former strategists trumpeting about being “in the room” while decisions were made driving the utter lack of investment in what either used to be, or could have been - good assets & projects that are now underperforming. (Well, of course they’re underperforming. They’ve been completely ignored and starved of capital vs peers who are dead serious about the space).
A lot of other folks have been “in the room” as well over the years since the split. And didn’t like the agenda (or the math that underpinned it). And said so. And paid the price. Frankly to PSX’s detriment, although the ELT was indifferent to it, then and now. (All about maximum personal compensation in the short to mid term, after all.).
Shareholders deserve the corporate governance that they elect. Right? Now is a critical time to make that voice heard - whether the ill informed wearing blinders “respect” opposing views or not (which I still can’t believe was a statement that was publicly made).
No matter what your view-be heard from a SHAREHOLDER perspective. Nothing else. Because that’s what will be counted. And is how the system works.
It’s incredible how weak-minded people are. The median employee knows well how often they are lied to by the ELT and local management, yet they are lined up in full force repeating the talking points from the board like the useful sheep they are. “Oh Elliott just wants to pump and dump the stock. Terrible!” And yet they don’t even know what a pump and dump scheme is. Elliot has held a position in PSX for almost 2 years at this point. So quick to call Steamline66 propaganda, so instead they choose to drink the Koolaid from the ELT instead… WILD
How about all that R&D work on solar panels from years past? Wasted
You love to see it. Greed and hubris all the way down and finally their bill is coming due. I’d feel the slightest bit bad for them if they weren’t all going to walk away wealthy beyond comprehension.
Quite the adjudication for borderline criminal mismanagement.
The new management will unlikely improve outcomes for ICs and the non-executive levels of leadership. In fact this is probably the worst things have become… so far!
Look forward to ever increasing cost controls and the parting out of a once decent institution in the name of shareholder returns. Don’t forget your thrice daily prayers to the almighty shareholder for they provide all that you receive. Not the sweat on the brow of the lowly technician, operator, or back office employee. No! The shareholder is king and you are but peasant to enact their prosperity and you should be thankful to them things are only as bad as they see fit to be.
Or. Or. Or! You could strike. You could organize. You could bring the printing presses and those profiting from them to their knees. But you’ve drank the kool aid and parrot the party slogans. All the while you are given just enough the be halfway content.
When will you stand up and demand your die? Before it’s all be sold off I hope.