Those that got the expanded LTIP this year (obviously I wasn't one of them), how did it work?
When do the RSU's vest? How many shares did you get? (% of salary?) Do dividends accrue? Tell all.
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So if you get it this year will you also get it next year or does the “extra” pat on the back rotate between across the masses (as so much else at Chevron). If you are a real star they promote you, not give you LTIP.
The expanded LTIP program is a steaming pile of horse p-o. It was not created with any attempt at being equitable to the 23 population. It’s a marketing tool to make us look more progressive.
@5unp, obviously you are not in scope for expanded LTIP or are very ill informed. The expanded LTIP is not options, these are restricted stocks. Agree that the stock price today is high so there is high likelihood that the value when these RSUs vest will be lower, but will not be worthless "paper" as it would with an option if the price is below the strike price. Please dont comment if you dont have any clue of what you are talking about.;
The options are good for ten years so plenty of time to wait for next upswing.
LTIP is just another way of widening the chasm between the "haves" and "have nots" in Chevron.
How it really works:
- Oil prices are cyclical and so is CVX stock.
- CVX stock is at an all time high.
- Keep more of the masses at lower PSGs happy with inflated options.
- When those options start to mature in 3 years, there will be plenty of wallpaper for your bathroom remodel. Reminder, oil prices are cyclical.
It's obvious how this was handled. The top 30% in that grade got the RSU. Those people are the hipots or those favored by upper management. If you didn't get anything then you have a job not a career.
I got 4 EEs as a PSG-24 and no LTIP. Hmm.
I don't know, but If I wanted to find out, I would check with the laid off guys and the guys looking for info on layoffs since they are afraid that they will be laid off. Those guys are really smart, being on the chopping block and all that. Do the math.
I was promoted last cycle and told I was ineligible for LTIP. Cost me 50k. What a terrible incentive plan.
It's not based on EEs.
I got no EEs as a 25 and was given LTIP.
You made the right choice. No matter where you go you’ll encounter the same ideology, so you may as well collect the cash.
And remember, don’t ruin the panacea for everyone by trying too hard. We’re after equal outcomes, not equality of opportunity.
Now we know where some of the bought back shares are going.
Whether or not you got LTIP, the issue is the system is NOT FAIR. Here's why. The PSG 25 who ranked right at 30% get 350 RSUs. That's an extra $57k! The 31% ranked got zilch. Both may have the same # of EEs. The 30% should get a little more than the 31%, but not a huge $57k jump. That is not fair on either side.
I’ve been seriously considering leaving cvx for over a year and have applied for external jobs as attractive ones popped up. The reasons for wanting to leave are the same as posted on this site for a long time now. D&I aka wokeness inequity mostly. After I received the LTIP as a 25, I am no longer considering leaving. Fundamentally I know that cvx cares about me neither less nor more than they did last pay cycle. But money talks and bullsh-t walks. Thank you cvx.
23 PSG - gets 150 RSUs
24 PSG - gets 250 RSUs
25 PSG - gets 350 RSUs
top 30% of the employees populations in that PSG range.
Executives get RSUs, Regular and Performance/Incentive based stock options as well.
Want to get the expanded LTIP? The formula is really simple - just be a brown noser!
1/3 of employees in the eligible psg range are selected based on performance.
Do all PSGs 23 & above get the LTIP?
@1al, don't be such an a$$. We are grateful for what we have. It just burns/stings for those of us just on the cusp of LTIP and didn't get it. It's a huge "cliff" of either getting a big extra reward or nothing.
OMG I feel SO bad for all the poor pitiful babies who did not get any LTIP while many others don't have a job or are not nearly as highly compensated.
Really dislike the way LTIP was handled. Worked my a$$ off last year, got good raise, high CIP, good ratings, but no LTIP. Would normally be celebrating, but instead feel burned, disappointed, and not appreciated because of LTIP.
Quantity was based upon mid point CIP % * 100% CO of PSG( after structure adjustment)
Whiners and slackers are not going to get Restricted Shares. They went to people who actually perform. And those people don’t spend their days filling this board with garbage.
For those that got LTIP below PSG 26, how many EEs did it take, or was it based on something else?
What would have been "fair" is more widely distributed and lower LTIP based on # of EEs with 25% of LTIP for 1 EE, 50% for 2 EE and so forth to 100% for all 4 EEs, so more people getting a smaller share vs a small number of "winner take alls".
The people that received Expanded LTIP are not trolling on this site.
It is fabulous and a very generous upgrade for all of us!
Vests in 3 years, received 150 shares, is expressed on summary sheet as a “target value”
I did not get it, but its all on the website, just look it up. % per psg and vesting period. Do a minimum effort.