https://www.yahoo.com/finance/news/chevron-ceo-under-pressure-halt-100832897.html
17 replies (most recent on top)
EB is so far from ready and JG would be a horrible sub; it will have to be an external CEO thru M&A activity to come behind MW if the BOD truly wants changes more quickly.
Investors were euphoric over the great news,especially about domestic production surging, and our stock shot up 4%. MW has his mojo back. EB has landed on her feet.
The key sentence from the Reuters article is this: MW “job is not at risk, say Chevron executives and industry sources.”
He is totally at risk.
MW clearly didn’t want to be at the earnings call yesterday!! Me thinks the WSJ story on the BOD putting pressure on him had him a little down. I wonder if he likes that oldie by Queen and David Bowie - “UNDER PRESSURE”………
That is no doubt a directly reflection on the quality of employees that CVX currently has kept and have been recently hiring, with all of the DEI emphasis, etc. I am glad that I sold mine, and fled, but do wish everyone luck with the upcoming rounds of layoffs.
I think not, my anonymous man! Stock is down 15+% in last two years, including today's jump. Exxon is up 5% in same period, a swing of 20%, which is a whole bunch. Chevron should be $180+ with a good strategy and a good leader. He was great at the beginning. Getting long in the tooth. Today's Oil and Gas challenges need a new breed of leader more concerned with strategy than cost cutting.
This post didn’t age well with the earnings call.
Keep rewarding a guy who gutted our exploration OC. How can an oil company grow if they dont discovery and develop new reservoirs.
About time. Too much focus on nebulous strategies - "Higher returns and lower carbon." No roadmap to get there. Follow the heard green energy strategy. Let too many BUs simply disappear - Indo, Thailand. Way too much focus on onshore US. Cultural change away from Chevron Way has been unsuccessful and harmful. Forgot that good people work for a future and not just a salary. Will not be missed.
MW is tone deaf…..all talk, double talk that is…..
Laughing all the way to the bank. Next.................
“The board is pressing for a faster turnaround of earnings”…quickest way to achieve immediately? Staff cuts.
Once again, we just look to what’s working for tech stocks, where staff reductions have been wildly successful increasing earnings. When you lack vision and leadership, just do what tech bros do.
Meanwhile, we continue to be hollowed out.
He’s a cr-ppy CEO, the sooner he is gone the better.
Ha! BOD leaks this story to turn up the on MW. Consider this your “needs improvement” performance review.
Also, I’m guessing this is a bit of preemptive damage control for tomorrow’s earnings…
I doubt MW cares he is a multi millionaire if he gets fired he’ll get a golden parachute and be worth even more. A regular person gets laid off their life is forever changed, MW gets laid off he just gets richer.
If MW doesn't close the HESS deal he will be sacked. He would love to offer Esso some cash to drop their case, but the CEO is refusing his calls. He is stuck and looking for other deals desparrately according to my friends in Corp M&A (who is pi---d at the Houston move).
The BOD has ordered MW to replace underperforming execs (PB, NH, etc) and reduce costs through layoffs and CA exit. His job could be on the line and his legacy is in the toilet at this stage. The earnings story coming out tomorrow better be a good one after five disastrous quarters in a row.