PK will go down as the CEO with the most layoffs in the oil industry
23 replies (most recent on top)
Layoff is not PK's problem. His problem is he is uninspiring, immature, low IQ person. can not get along with anybody (e.g. Clients or investors.). Issue is the personality. Seems like mentally retarded.
Unfortunately, experienced and knowledgable people have been let go -- because they are more expensive to keep them. At the same time, under-performers and young folks continue to be in the payroll who are not doing anything that would have positive business impact. Management is not handling these layoffs properly --- the future does not look bright ....
One interesting fact on the male/female debate: while membership of all technical communities and groups went 10 to 50% down between summer 2014 and now (as a direct consequence of the layoffs - anyone can get a clear picture of the jobs & skills the most impacted by looking at these numbers on the intranet), the "connect women" community went up 50% during the same period of time.
It's obviously not because slb hired 50% more female, and more likely related to some kind of herding instinct, gregarious behaviors being exacerbated in a crisis situation.
They executed layoffs very poorly, several rounds and stages. But they never learned from each stage. We lost almost all good ones.
They thought oil will rebound !!! That is stupid. Unless one major oil producer get eliminated oil will decline every day, eventhough eventually US producer will control market and price. That will also helps declination everyday. Deep water might be needed in decades since shale doesn't last long,but that is really far from our generation.
Yes every school boy knows this.
If any CEO with the fat paycheck of $50 mil/year couldn't do anything but laying off people, the guy is pretty much useless.
He made schoolboy errors about the price of oil last year (stating that it would rise in 2017) and had no understanding of the effect of a surplus of oil especially fracking being much easier than sea drilling. Worryingly elementary mistakes. The rest of the board were equally clueless.
Any ceo at that time will do same , lay off, lay off lay off. The problem with slb is not ceo but the family relative culture have been deep down into it. Too many wrong lay off, and manager dont care.
It's not PK's fault? He obviously did not start the downturn, but if all he can do is just laying off innocent employees (it's not their fault either), why the hell does he deserve $50 mil?
aren't we a bit sensitive? Everyone knows french is a super protective class in slb, male or female. Obviously some french would deny that:P
And we all know a few male or female from all nationalities that fit the same category. Generalization like that do not work. If females are more protected now that they were before, then good for them! Maybe that will make up for the thousands of years where they were (and still are) taken advantage of.
Personally, I think there are still too many narrow minded ignorant people around, with simplistic views on complex issues which is quite sad given the chance it is to work in a diverse environment.
"a few layoffs at SDR last week, and in fact one of the few is a French female..." That's very unfortunate I know a few french males and females who have done nothing of value for the last 30 years and still happily on payroll
No-one is safe, look at the news. OPEC's golden goose is cooked and shale production holds most of the aces. Oil price recovery is just a dream for some and, for some others, it would seem they don't want it.
a few layoffs at SDR last week, and in fact one of the few is a French female...
Gender Balance...maybe Hillary needs a job.
It is not PK fault. the whole "system" has problem. It had since years ago and now it is in survival mode and you see real side of it.
If fact paal could be much better than the next one!
Unless you are female or French, you will not go far here. The college mentality that drives SLB is a horrible business model. Add the " More Government" mentality to that and you have a stagnate business environment. SLB thinks only the production segment is "top heavy". Nothing could be further from the truth.
The game is up, time to get out of this business. Every day is about survival and future prospects are diminishing. Thanks foe the memories.
Oil has only got a few good years left after the price recovers before it goes into terminal decline where fracking has more appeal over expensive, conventional drilling projects. Younger players have the choice of staying and seeing if they can remain employed in a contracting industry or leaving before they become a casualty of this inevitable demise.
Layoffs coming this week and new round in July being planned. More shortsighted management to hit this quarters numbers which cause the company to miss next quarter. Death Spiral
Pk should buyback shares now before Elliot and vanguard demand their money and move to renewable! Or they will breakdown slb in pieces and sell sellables to GE. They done this to other companies.
Layoff will never ends and pk knows this very well, who ever is in company now is there for sustaining contracts for a while.
You should be glad you are not here, we are doomed.
Yeah it actually means a lot to me. The man kept on firing people while slb stock underperformed its peers badly -- whatever shix he's done is not working and you dont need to look at the balance sheet to figure that out
So, what is the meaningful stat that justifies all the layoffs, hefty acquisition, and ridiculous executive pay?
That is a meaningless stat without looking at key financial and operating statements to assess the consequence of doing so.