Lots of IT people cut in Columbus
2636 replies (most recent on top)
If you're worried about your pension, retire as soon as you can. Take the lump sum option on the cash balance and move it to a traditional IRA. You won't pay any taxes on the move if you use a direct rollover. Take your 401k and do the same thing. At that point Carl can go pound sand. The only thing left with AEP is medical coverage and memories.
Eight days after signing the Icahn agreement, AEP’s board of directors—including both of Icahn’s non-voting designees—“determined to remove” Julia A. Sloat from her roles as Chair, Chief Executive Officer and President of AEP, deeming her removal as an “Involuntary Termination”.[4]
Activist investor Carl C. Icahn owns only 1% of AEP’s voting shares. For typical investors, owning 1% of voting shares grants no special rights or privileges, let alone control over two seats on the board of directors. But Mr. Icahn is not a typical investor. He is an activist investor—earning the colloquial moniker “corporate raider”[5]— specializing in engaging in protracted, hostile shareholder fights to gain control of target corporations for the sole purpose of moving the company’s stock price to a pre-determined target that bestows considerable profit for Mr. Icahn.
There isn't much information about how many pensions Carl Icahn has stolen, but here's some information about a pension dispute he had with TWA:
In 1992, the federal pension agency, the PBGC, claimed that Icahn needed to put up money to fix a $1.2 billion pension shortfall at TWA.
Icahn said that TWA had made all required payments to its pension funds since he bought the airline.
Icahn preferred to negotiate a settlement instead of being sued by the PBGC.
If there was an out-of-court settlement, the PBGC would receive hundreds of millions of dollars from Icahn.
@4Aldk+1qB6FXi3
0
Sounds like they took it from. The Democrats playbook. Let in 20 million illegals, ship them to swing states and then give the right to vote. Now you get a single party like in California. Companirs are no different, they'll bring people in to perform some tasks to completely remake a company and in many cases it never works out with the intended result. Based on who is in charge at various levels of leadership, most are Dems and have no clue what they are doing.
If you follow these hedge fund maneuvers, you will see that when the target corporation is brought to the verge of bankruptcy, the executive pensions are fully funded. It is only the workers’ pensions that take a hit. The solution is simple: pass a law that if the workers’ pensions are not fully funded, as all executive pensions are, the executive pensions must make up the shortfall. Then, we will have fully funded worker pensions — no problem.
As part of the hedge fund maneuvers, you will see that when the target corporation is brought to bankruptcy, the executive pensions are often, but not always, fully funded, but workers’ pensions always take a hit. That means that workers must make a claim on a federal agency called the Pension Benefit Guaranty Corporation. This body of responsible corporations are forced to increase their contributions to this fund in order to support the Private Equity plunder.
The enemy within cloaks itself in the illusion of superiority while draining the organization of its virtuous soul. An empty husk is all that shall remain as they enemy within waddles away in a ecstasy of gluttony seeking its next unsuspecting victim.
DEI was pushed in many circles over the past 4-5 years. The company jumped on the BLM band wagon and pushed a completely different agenda over that time. Low cost, safe work environment, satisfying career and decent leadership. What do we have now? You can be replaced with some guy in India making $10 a day, no career, stuck where you are, need to leave to get anywhere, stagnant pay, sold off 1/3 of generation and replaced it with solar and wind. Wind farms have a 20 year life and solar only works half the time. Unstable grid because the base load can't keep up with demand. I may work for AEP but I have a different supplier by choice. Sc--w them getting any of my pay back.
It was not Leftist or righ wingers who destroyed AEPs culture. It was bad leadership. Leadership that is is self absorbed and choose the low road path of leadership. It chased talent away. High road leadership is about providing an environment for all employees to thrive in. That is not occuring in AEP across the company.
The company was ran into the ground long before the corporate raiders , the leftists and wokeness pretty much had done that, best thing now would be a fire sale of the units and assets.
At least kickbacks from vendors are still flowing. Pays my mortgage.
We went from essential employees, who were subsidized by the federal government during the pandemic to unnecessary expenses when the federal government wealth-fare dried up. How did the company turn a profit before the pandemic? They didn't let conmen and corporate raiders run the company into the ground. We are better than this tawdry travesty of virtue-less greed and haughty hubris.
Everyone returns to the office and the good ones will go on their own. EASY to do no cost layoffs that way. The dead weight will just report to the office and do nothing there vs. nothing at home. The ones that got work done at home or at the office will go to employers that want good workers. Employers that are not tied to expensive real estate and locality tax breaks that require butts in seats for their payout. Employers that would fire the dead weight vs keeping them on cause it is easier to ignore them than deal with HR to fire them.
Some one downtown is hitting the EASY button right now. We just haven't been made aware yet.
Who are they going to layoff? After the cuts in January and the VSP, people are stretched thin as is. There’s not a lot of fat in the org right now.
If they are considering it, they must be worried that there isn’t enough regulatory muscle in the org to win rate cases, so they’ve got to get O&M down somehow.
Word is layoffs around thanksgiving, delaying until after elections
Does anyone even care about the dividend? 88 cents a share? What is that like 3.5% a year? My savings account gets more than that
The reason people leave and come back is because there is no one left to cut. And they keep cutting the wrong people. Has anyone ever noticed that not one single TR person, or Minnesota resident (besides Sanjay for for being a crook) has ever been cut?
When people come back as contractors that is a poor representation of the managent of who they were under. You cut the wrong people and you have to bring them back just to get the work done. If you have to bring them back, then your decision to cut them was a bad one.
They keep wanting cuts, with no forward looking plans more than 6 months. It's like a crack addict trying to do whatever to get their next fix.
In this case they will do anything to pay that dividend and not show weakness on Wallstreet.
I would think they'll get rid of people based on their desires and not the employees. This is just a job now
TR was granted 5k shares on 10/3 worth 500k. Doesn't say why, sure as he11 can't be for performance.
At the town hall Bill said he is not a fan of the voluntary severance. He said a lot of people took the deal then came right back as contractors. Basically scammed the company. So if you were hoping for another VSP I wouldn’t hold your breath
Don’t want to alarm anyone but the severance policy and summary documents are no longer available to employees.
History usually repeats itself. Layoffs usually happen the same time every year for most companies. They try to use them to maximize earns and to show Wall St they're doing something about cost. Wall St doesn't care about quality or service levels, lower cost increases earnings and profits. None of this is taking place without that in mind Your job is a cost, doesn't matter what you do. However if you want the biggest bang for you buck, start laying off some EVPs. You can start with TR, IT can operate just fine without her
im sure we'll hear about layoffs right around thanksgiving time.
Corporate executives have become tyrannical in their delusions of grandeur. They extract far more prosperity than they have earned or deserve at the expense of employees and retirees. Their haughty hubris mocks and defiles the virtue of employees and retirees that make the company successful. We need to remind them that we can function without them but their company shall never be as successful without us. Their unearned, undeserved and obscene self-aggrandizement is brazen and bald-faced heresy.
Wow, you're expecting an ICP! I would not count on it. My best guess, next round of layoffs are going to be mainly managers. As the consolidation kicks off, you're going to see less managers as other managers pick up additional folks. The days of managers with 2-3 people is over. Come the end of Jan 2025 if EPS has not improved, maybe another round of layoffs but not until we see the results of 2024 and the outlook for 2025. Plus, throw in a Harris win and you can beat she'll push for higher corp taxes which will lead to job cuts.
Has anyone heard anything about more layoffs? I keep expecting something to happen but so far nothing.
So, I haven’t seen this yet…. Why don’t we unionize? I hate unions, but I think we need to.
Only purpose of survey is to cause more work for employees so they are not focused on leadership steadily extracting value from the company it took employees decades to create and amass. CEO has been here weeks and earns more than employees, who have spent a lifetime serving and sacrificing to make them rich. ICP shall be woefully inadequate and appallingly insulting much like the management we have been saddled with.
Processes are fine. But under the TR wing they are top heavy with leadership unqualified to do the jobs they're in. Processes routinely change to fit the mood of the week as if SrMgmt have multiple personality disorders. It's hard for employees to follow any process when you have Sybil at the switch and it's there's no consistency.
Bill strikes me as a results type of guy. You need to have a process for everything, if one doesn't exist, create it. After that you better follow the process and know it. If you don't, you better have a good reason why you didn't follow it. I see we're going to get beat over the head in the coming year about process and did you follow it. Good luck to those that don't follow the documented process.
Agreed, doing the survey was a total waste of time. I always thought each level of mgmt should have been rated all the up to the CEO. Problem is most of the questions are related to the department level but few above their department. Personally I would rate my boss a 4.5, my MgDir a 2.5, the VP a 2.8 and Therace a 1.0. Bill would be a 3.0 for now. So the problem is not in our department, it's all above us.
The self-absorbed, self-centered, greedy conservative sycophant clique is embedding itself in American Electric Power the same way a Lyme disease carrying tick embeds itself in a host to gorge itself to the detriment of the host organism. Anyone have any conservative clique repellant, you know VIRTUE?
T Quote- "Yes, thousands of AEP employees lost their jobs and we are Millions over budget with far inferior support, but i got my kickbacks from TCS"
I'll take a middle-aged male who knows what the heck is going on over someone who doesn't know anything about the processes we use or Blue Tooth. She the CITO for Pete's sake, she's should absolutely know how IT works. She's worthless along with most of the cronies she brought with her, man or woman. Please clean house and get rid of her and anyone associated with her. Do not renew the contract with TCS. Stream line the hiring process and get real techs back into the company. Your employees will bust a$$ to make it work and the BUs will welcome it.
More middle-aged white male executives… joy.
If history holds true look for more BH executives heading to AEP. Therace brought all of her cronies with her and if she is forced out for a new CTO, look for some of her cronies start to leave but it won't happen overnight. At least they won't have her to save them. At least that's the hope.
Fehrman bringing his own guys on board with the Joe Moore hire. Those awaiting Therace’s exit might not have to wait too long once he finds a CTO he’s familiar with.
It’s funny that AEP got rid of the old process improvement org with the layoffs in Q1, and now they will need to staff an org to do much of the same.
Wait, there may be hope! Joe Moore has been named VP Business Transformation! Hope he starts with Technology group! We have a huge process mess to clean up. And, our BSA's and PM's are educated on process improvement and process documentation. Start with us!!! Please....
If AEP were a movie? Would it be like Wall Street or more like The Office? My take would be closer to the Night of the Living Dead. Any other suggestions?
In simple terms, leadership su-ks, they only look out for themselves and are rewarded an obscene amount of money with nothing to show for it. They make decisions that add no value to the community they serve. I will say one thing you got wrong, if you don't like the pay as an employee or contractor, leave. Go somewhere else that you feel actually takes you and their customers into account. Nothing and no one is keeping you here. I left and it's the best thing that has happened to me. You may get to see how a company should operate somewhere else. If you stay, good luck to you but don't hold your breath things will change. Bill is not the white knight everyone thinks he is.
Corporate governance has become a value extractor, not a value creator. If we ran our lives the way they run the company, we would all be bankrupt because we do not have employees and customers to treat like a cash cow to replace revenue squandered on bad business decisions and unethical practices. Our determination to overcome adversity and succeed is being mocked, defiled and squandered by self-absorbed fools, who swear allegiance only to themselves and betray our republic.