What does this mean for the company? Did they really leave on their own? So many people are leaving, what's the deal?
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Old school approach to business is how Marathon ended up severely overstaffed and with leadership that could not make tough decisions about people or shedding tired assets. Mitch is talented but there was nothing arrogant about Lance. He was very supportive of people and took a genuine interest in people at all levels of the organization. Sult was an executive that did not trust anyone and treated anyone he did not hire as an incompetent unless it was someone that He knew Lee favored. . Look at the two key roles Sult filled and the effectiveness of those individuals. Not impressive.
As if your opinion mattered.
While JR could be abrasive, he was well intentioned and knew the business much better than some other executives. Those who work closely with him have high regard for him (and deservedly so). His work ethic was unquestioned and his financial knowledge was valuable. For people who worked hard for him, he treated them fairly. I think MRO will ultimately miss him.
Lance, on the other hand, was talented, but was too arrogant for his own good. He played too loosely with facts and his sunshine pump was continually overheating! He will land on his feet somewhere else but ultimately his inability to value others will be his continuing downfall.
The company is much better off with Mitch running the operations. He is knowledgeable (like Lance) but has way more credibility and this ethics and hard work are "old school" Marathon. I hope he does well, he deserves it and the hard working people at Marathon deserves having a leader they can look up to and respect.
Now if only someone would realize that Deanna must leave!!!! (or at least be pushed out the door abruptly!)
Anything that serious would have to be disclosed. Let's hope that is not the case because our stock will take a big dive.
Unethical behaviour is the cause
How is Indonesia comfortable with producing at $45 oil when we have much more advanced technology and are always told that our drilling costs keep dropping but we are never cash flow positive?
What has the SEC got to do with it?
The SEC,
Are you saying the EF will follow suit with Lance and JR? Obviously the EF isn't what it once was but could we realistically get rid of it?
The reason for Lance and Sult's sudden departure from Marathon should become very clear to those that don't already know by the end of the year. For clues, see the asset that had their last three leaders leave in the past 12 months.
You are misinformed regarding a contract.
Lance's contract was up and they chose not to renew.
Lance has a lot of running room and will end up in a much better company than Marathon. He did nothing to deserve being dismissed and his departure has eroded the morale and trust even further.
Sult and Wagner were after him for quite sometime. Let's hope Wagner's Payrock pans out because because they have nothing else with any upside. Lee is weak and easily manipulated.
Back to reality. Sult's departure had nothing to do with "company disagreement" but it had everything to do with his disagreements with EVERYONE. He showed no respect for employees or those he did business. He churned and churned until, one by one, each executive was gone. Mitch and Sylvia outsmarted him. Tillman knew he had to depart with Sult but to save face he in return did the same to Lance. Sult is ultimately responsible for Lance's demise. Tillman is weak!
zzz
Was one of those guys caught fisting a Goat in the executive conference room?
That's the rumor on our floor and I would bet it was JR. He seemed like the barnyard shagging type. I even thought I saw horns one time.
I would like to applaud everyone on this board for a pretty decent set of comments about the situation we were surprised with this week. I sense a tone of fear and confusion at work and I feel that just a hint of something like a real direct statement by Lee would go a long way in morale and productivity increases.
I wish you all the best and hope you use the weekend to decompress.
HR is merely carrying out the dirty work for Tillman. Don't be fooled. He is rotten to the core.
Board needs to be replaced due to personal reasons starting with the COB.
Does any among you actually think that two EVPs leave both voluntarily and simultaneously? Though JR, the condescending and arrogant CFO needed to leave, why didn't he get rid of, rather than promote, the equally obnoxious and incompetent new head of conventionals, and the HR VP who should've never been hired in the first place. Send her back to Canada.
HR is led by an obnoxious, arrogant foreigner who shows no respect for USA laws. Get rid of her, Lee.
Only Marathon's HR department can take a one page document, the degrading, hated, morale killing PDP, and need four months to rationalize it. The rationalization meetings were held in large conference rooms and attended by dozens, if not more than a hundred HR people.
Lee: Cut the useless HR staff by 50%, eliminate the PDP (as GE has done), and get rid of that detested witch who runs HR. Hire an American for God's sake.
In reply to the Reflect on Decisiins...
Valid question and it sure can happen to anyone, but, let's be honest, was a fair outcome for both Lance and JR
Why does a CFO leave for personal reasons?
The board is nothing but a rubber stamp. They act on recommendations from the CEO.
It was board's decision on both
If this can happen to Lance Robertson or Mike Stover it can happen to anyone. Is this a company that you feel comfortable Investing the time to build a career?
The strategy is flawed. It's too late to be an EOG or PXD.
Once plan B becomes available I'll be swallowing that pill real fast. I'm sure I'm not the only one.
Between JR's share buyback disaster and Lance's overselling of EF by downspacing ad nauseam, MRO is better off. These jokers did real damage to the value and reputation of Marathon. Making Mitch COO is a step in the right direction but it's probably too little, too late.
It's tough to be optimistic that Tillman can course correct at this stage, especially with the current HR regime. High performers will continue to jettison themselves as oil price climbs without a serious attempt from upper management to be transparent to their employees and show they are valued. The pain is not over and most employees are still looking for plan B.
HR VP will be next after the employee survey and input from the new leadership. The new leadership has her number. I don't who is worse Sult or Jones. Not sure how Lance even fits into this. Firing Lance is a deflection to hide Tillman and Wagner's incompetency.
Lance was a scapegoat. Over the last couple of years our critics thought he should be the CEO. Why? We have an incompetent one. Imagine the crap Lance dealt with on a daily basis. It was real.
Chaos is a ladder. Many who try to climb it fail, and never get to try again. The fall breaks them. And some are given a chance to climb, but refuse. They cling to an idea. Only the ladder is real. The climb is all there is, but they'll never know this. Not until it's too late.
Sult felt he was above everyone and treated others likewise. He should take his "personal time/reasons" off, order an array of food, and reflect 24/7 on his personality and management style or lack thereof which ultimately ended his career. One step closer to lifting morale.
Is the remaining leadership any better? Was Lance a scapegoat for the mess Spillman made of the Eagle Ford.
The problem I see is that by firing these 2 losers Lee has consolidated his position.
JR Sult was abrasive and was destructive to morale as well as to careers; Lance Robertson relied on a booming voice, a 6'5" frame, and never-ending confidence in place of competence or a diverse professional background. MRO is so much better off without both of them. It's a good start, but it shouldn't end there.
Best decisions on these two ever! HR should be next!
How can a company survive this must continual churn and change at the top? Maybe they should sell.
You're not with MRO, so how do YOU really know what's going on? Yesterday's news was the first good news out of MRO in 3 years.
Wow you folks are bitter. How do you really know what's going on? It just seems like water cooler gossip without knowing the facts - that probably have nothing to do with you. Don't you have anything better to do? Like focus on work and help your company? No I'm not with MRO but I keep a keen eye on their stock and they're doing better and being smarter than some companies.
Fallout from a business plan of downspace till the cow runs dry in the Eagle Fat, then buy a distraction and pretend things are fine.
Those clowns made millions for poor engineering and ad hoc financial gamesmanship.
Expect to see the stock drop until the investors forget this surprise.
The more bad you say about the HR princess the more management loves her, employevhatred is a desirable trait for HR yes people.