In January Birthday lunch Al walker said " no layoff " are on the horizons , bad situation will go away . Within 2 weeks he changed his tune based on Board of directors and wall street demand to do the layoffs. Layoffs were done as a tactic to please wall street. No high salary management was let go ;only serious, sincere hard working people were selected. Is it preparation for take over ?
Just reading share holder's report. Amazing Bonus packages rewarded to the unworthy management people. 20-30 million each when company stock at the bottom ! All top management is protected from takeover with 2.5 times salary and 30+ million bonus ! All people aged 58+ were scrutinized by top management and selected personally to "retire". In exploration and G&G community It was personal bias of Daniels decided whom to retire and whom to keep. No value of person was discussed by Daniels with others. No thought was given to supervisor's, first line manager's opinion. So many good , experienced people's were let go ! why ? Reduce G/A Cost , Just get rid of old people more than 80 % people above 58 were selected to retire , then selected another 10 % Now APC is looking good as a target for takeover. I am predicting somebody will buy this company in next 2 months !