Even the announcement that Terra-Nova is back on station and ramping up production can’t help the stock price. Poor Kruger … can’t seem to make any headwind … perhaps his eyes were bigger than his stomach?
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Kruger stated “ no need to improve morale because we are winning”
There may have been some trimming of the fat to be done in the organization yes but if you take a good hard look at who got trimmed you will see that it wasn’t considered who or what positions are truly required. There have definitely been some huge mistakes made, and there will be consequences for these mistakes. The mistakes will be shrugged off and those who left will take much longer to handle the problems but it will cost more overall and people will know why and who was eliminated that could have resolved or prevented these problems, but who was responsible for eliminating these people is left confidential and unknown to them so they can’t be blamed. Trim the fat yes okay I think that is possible, but when you start cutting away at muscle, the brains, the tissues, even the organs, then the organization as a whole becomes weaker… all while leaving a whole bunch of fat left. Yes cut the fat… but just focus on the fat.
Wasn't this a very fat organization and required a trim as Kruger did ?
Welcome to XOM and imperial oil culture, fueled by delusional and self aggrandizing executives. Welcome. Welcome.
If you do not like it, you are free to leave.
The sooner Kruger leaves the better for the company. Why? Because he created a culture of constant fear and backstabbing in once upon the flagship Canadian oil company.