Before any layoffs occur the BOD needs to fire MW and all around him. They led us to this place with the constant cost cutting and no vision. The company is finished if the BOD doesn't see that MW and his rotating consultants all saying to layoff people are the problem and not the employees or hybrid or any other excuse. They need to be fired immediately!
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The RBF of EB is rich. That is the future face of this sinking company as she will invariably replace “cut and slash, MW”, sad that the good time are behind us.
It’s ironic that our TSR rose to #2 on the day that MW announced the mass layoffs. The only thing that’ll do is benefit the ELT with a load of shares while the rest of the people without much stocks are out of luck. 90% of the company does not care about TSR; but take the brunt of the trauma while the ELT stands on the shoulders of others and make it rain.
Too late OP, layoffs start this coming Monday in various parts of the United States..
MW is biting his nails over the Hess fiasco. Since he will have to wait another year or so and his hands are tied on other deals in the meantime, his only idea for a "big move" is cost cutting. Plus, all the other majors are doing the same with sizeable layoffs. No manager ever regretted a layoff, I can tell you that. Staff are fungible and can be moved, hired or fired as needed to meet execution or budget requirements.