In 2020 they put the company through a crushing transformation when we lost so much talent and became understaffed. When you gut a company for the short term you should expect with low morale and less people OE isn't going to be what it used to be.
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It's almost like wearing multiple hats leads to inefficiencies and mistakes. The person in my role before me had been in the industry longer than I've been alive.
I'd add we also need a way to hold 3rd parties accountable and disentangle ourselves from some of our long standing "partners".
Weird RBU out performs the rest of CVX…and has the fewest legacy CVX duds…
The 2020 Transformation ran out some of CVX best leaders who actually achieved results. They did this so they could put younger light weights in place. The Permian is an excellent example of this and all you need to do is compare benchmark industry performance pre and post 2020.
And the board just extended MWs reign. Smh.
Let's see: "Operating Performance is not on target. Financial Performance is not on target. Competitive Performance is not on target."
Also, Chevron will net ~$25billion this year, buy back ~$15billion in stock, raise the dividend, and oh, buy $60billion in new companies.
Either our senior management really su-ks at setting targets, or they have lost their ever-loving minds to greed.
Juice the stock on the short term then retire.
We need more meetings.
keep cutting, then expect more.....brilliant logic
"Transformation has been 3 years ago" - Management's way of trying to hush the crowd vs trying to understand the root causes.