I’m glad to see P66 have good earnings for the first quarter.
The good results were due entirely to running well and good margins.
Malformation had nothing to do with it.
In fact, the results were in spite of Malformation dragging us down.
Malformation is an epic failure!
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Never in the history of the world has a company committed such a series of mistakes as Phillips 66 in attempting to implement Business Transformation.
Indeed, the HR VP resigned. I suspect she may not have been onboard with the horrible merit given out and furthermore the shafting of above average employees. Fake Sean Connery CFO loves it though.
Did a member of the ELT resign?
They keep saying that its great but even the analysts are challenging the funny money.
Maybe they believe if they repeat it enough it will become the truth? But the brain drain is real. Amazing how much top talent has run for the exits. Long term, good dedicated people gone. And that's true from the plants to HQ. From the 40 year people to the up-and-comers. How do they expect to compete when some of their best people don't even believe anymore? Not sure that's the transformation employees and shareholders had in mind. It's just sad really. Feels like ELT and their consultants are driving the company into the ground.
The CEO said that everywhere he goes everybody tells him how great an idea Transformation is and how well it’s working.
People may or may not think that but does he think anybody would tell him it sucks?