So has there been an announcement about these executive leaders taking a pay cut to try and help the worker bees?
What was I thinking?!!! All those guys care about is themselves. They rarely frequented the floors below 40 while I was there.
4 replies (most recent on top)
Your right about excutives pay. That's why they lay people off hoping that the shareholders think they are cost cutting and share go up , so that they can get paid.
Doing everything they can to help themselves. How ill advised is it to send out promotion email 5 minutes after the layoff email? Completely out of touch.
The service companies have been slaughtered by companies like Devon. We have taken 30% pay cuts, those of us who were not let go 6 months ago. We've had our 401k not contributed to in the last year. It sucks but this is the industry we are in. Devon from the outside is such a much better company to work for than most operators in OKC. I hope you all who are let go can find something soon.
Considering most of their compensation is tied to the stock performance/price, I'd say they are taking a bigger hit than any one on a dollar basis.
Their salaries really aren't enough to save but a few people, who in all honesty, we probably don't need anyway. That may sound harsh but oil is selling at $30 and it is costing us over $40 to produce it, right now our business model fundamentally doesn't work and the executives are doing everything they can to hold off. Those cuts should have been made months ago.