It was a sad day at Denbury with so many people being let go. Some of these could have been prevented if the upper management was prudent enough to enforce hiring smart, educated people instead of encouraging hiring friends.
A lot of us were let go. Coming from the accounting side, we have seen a lot of money wasted without absolute logic.
- HR department is a joke. Excellent resources are let go and incompetent people are kept. No wonder Denbury has seen major decline over the past 4-5 years and it's sad that CEO and CFO are just watching and not doing anything.
There are way too many HR people for this size company.
- Another department that CEO/CFO/Board has to step in and investigate is "IT Department"
a. We have heard from IT folks there are way too many managers and are not even qualified. That includes the VP of IT.
b. It is preposterous that IT still has a position called PMO. Several of IT people have indicated this was a position created by VP of IT when it is really not needed. There is a lot of nepotism causing several good IT people either leaving Denbury or laid off.
c. Our Accounting VP clearly rolled out all contractors to save money.
Coaching: Seriously?? We in accounting have seen invoices. IT VP is spending $250/hour on coaching when CEO is urging to save every penny. Hello are we hearing?? We have also heard that VP is pushing coaching for personal benefits. Upper management please investigate.
Is the IT VP getting kickbacks?
On one hand Denbury is urging us to save pennies, while IT VP is spending like crazy
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Even in other areas, why do we need so many managers?
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CFO hired an incompetent head for IT who happens to be his friend. Seriously? Don't you want a VP of IT who is really qualified? One of the IT's best employee (Director) quit due to this VP. What has the upper management done? Several other employees have left due to the same reason. IT VP is not positively contributing to Denbury and yet he survives the layoff. Well done Denbury.
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There are way too many Directors in Accounting. Are they qualified enough? Some of the Assistant Controllers are a joke. What do they do? Why do we need Assistant controllers and then Managers?
Oil prices have certainly contributed to the downfall but Denbury has major root issues starting from the top person. More than half of the executives are not qualified. We are spending a lot on these people with no positive outcome.