A lot of value destruction to shareholders. A lot of workforce reduction. A lot of debt incurred. A lot of asset sales. A lot of poor decisions in unconventional shale.
May want to use some of the asset sale proceeds to buy off the ELT. May be a good use of funds.
I agree. Why single out these idiots for 10 million a year paychecks. You could pick any technical person with 20 yrs and an MBA and they'd do a better job. And they wouldn't need a ridiculous compensation package.
I am a WalMart Greeter. I would never work ConocoPhillips. None of the other greeters would leave WalMart to work at COP. We have standards. We have pride & self-respect.
Those terds don't deserve to be bought out. We could have hired Walmart greeters to run and set the direction of the company. Better decisions would have been made and I'm sure Walmart greeters would have more technical credentials than the bozos at the reigns now
MF and DW
ELT show some respect and leave at least few of them specially Two from the list. You know whom I am talking about.
E"L"T. We have to make cuts to improve profitability? Looks to me like you all could save 10 jobs for every 1% cut in your salaries. Better yet, fire yourselves instead of the people who are actually making the money you're siphoning off of.
You're the ones stirring up the KoolAide. Why don't you have a nice tall glass of that yourselves?
ELT, you are executives. You do form some type of team. Your leadership is lacking to nonexistent. Have some pride and leave. You know what the employees and shareholders think of your performance. Unless you believe the alternative facts that roll out of your mouths then YOU know you haven't been leading tok. GET OUT!
Well it's very simple. They stay because they continue to be paid an obnoxious sum of money to continue doing what they are doing (or not doing). And they don't care what anyone has to say about them as long as they get to laugh all the way to the bank. People like that sold their souls a long, long time ago. I agree they should all be fired. Stop talking about shareholder value if you have no idea how to provide it. It's appalling that they walk under the same performance and accountability propaganda signage, but deliver nothing.
Is there not one post of confidence for the ELT? Not one? This seems to be a vote of no-confidence. How can they stay? Why don't they just leave? They must be wanting the money, the status, the power. The recent 68 percent non-binding rejection of compensation means nothing to these people. What kind of people are the y? Why don't they do the right thing and leave? Why? Why? Why?
Inexperience is a huge problem. But at the same time the challenge with many of 10+ years of experience is their reluctance to change culture and technology to match the current environment. Lots of bad advice in our shale assets was coming from old guys who insisted they knew how everything worked from experience, despite the fact that so much in the unconventional space remains uncharted.
1oyq Well said!!
Would have to get rid of all the pampered and elitist millenials as well who after being with the company less than 10 years practically run the company. This company does not.value experience; just want to hire young and pretty people who will s--- up to them.
If someone would take their luxurious Gulf Stream jets away from them and they had to fly commercial, they might crumble from the hardship. Those jets are the most glaring and shiny symbolism of the ELT greed and waste. Much larger, more profitable companies have "no private jets" rules. Can we get a shareholder resolution on the ELT perks package- including the jets?
Bonus for leaving - limit the TV cameras to only 3 TV stations while escorting the ELT out of the building carrying their own boxes of personal items. Meanwhile as a multitude of employees are chanting " This is how we do it!" Note: no severance as the are to be terminated with cause!
Do you think $10 would be enough? That is $10 each.
68 percent over rules will of the Board. There will be another shareholder meeting. Shareholders, employees, analysts are getting a belly-full of this. This has got to end. This will end. There will be a change.
But that's one of the major governance problems, RL is the Chairman of the Board and has stacked it with people who will not challenge or defy him. So he has the votes to continue to be immune to reality and nonbinding shareholder resolutions.
The shareholders have spoken. Now the Board of Directors needs to act.
Can we buy out the exploration leadership also, tital value destruction there as well. Wait they don't deserve packages they just deserve to hit the bricks.
Agreed.