To tell us all. I'm pretty sure that I'm gone tomorrow, but at least appreciate that he had the dignity to face us and tell us. Phil would never had explained the situation.
I loved my time here and truly loved the company, hopefully CK will get the stock price up as a consolation for those of us unlucky ones tomorrow.
Of course the board didn't do anything while Phil was destroying the value of the company. There was no board independence there at all. Just good old boys taking care of each other.
Just what we need. CKs not run a company, has no experience with stock and banks and was shaking his a-- off up there. Have you seen what he's getting paid? His raise? We get nothing but he gets a raise? David will be the COO, writing is on the wall. That's the only reason we don't have one now. Stay tuned for more Noble friends. Phil was stopping it (all he was good for).
You can question the board now. Phil brought our market value from 9 billion to 1/2 a billion. What did the board do? it's pathetic.
Your not the only one who has questioned Phil's total compensation. Phil Rykhoek sat back and collected over 5 million dollars every year in total compensation as Denbury stock lost ~90%-94% of its value. He sat back and got fat with Denbury cash as we went through each round of layoffs in order to cut costs, it's pathetic.
You think he realized that paying Phil 7.7 million was a mistake.
Yes, CK was visibly shaken by what he had to say. That was no act.
Is there anything to the rumor that Chis will cut the workforce in Plano and then take what is left and move the company to Houston, so he is closer to available Noble Energy employees?
200m vs 80m .
yea that's a problem. too many frat boys been playing office with borrowed money too long. DRI for the last 5 years has been like what would happen if Bernie Sanders was president. get the crayon level managers back to the college campuses, get some real oilmen in there, stop running off all the real oil company leaders and get some sh-- done. stop spending money with 6 figure employees going to one meeting after another trying to figure out a way to start another "charter team" that spends 6 months coming up with ways to do something different which stops them from having to follow sound business process.
DRI is not a legacy of Plano company. get in manageable building out past McKinney somewhere with about 100 people and stop flushing all the profits. the business model is solid.
I do agree CK did the right thing, took balls, his hand was shaking like he had Parkinson, the holy ghost and a lil wayne Beat going all at the same time. Hats off to you CK.
But this time, get it over with. we are all tired of re-orgs where people stay confused on who they work for or what they are supposed to be doing between the rounds of lay offs. get the crap out of the way, get the C02 to flowing and lets either sh-- or get off the pot.
The last two times everyone got their checks within a couple weeks. Would you be able to collect unemployment once you get your check? They'll just let 31% of us go. WARN doesn't matter. I'll be happy with any outplacement offered. They don't have to do any of this.
Several prior managers were just given non-managerial jobs. I suspect some of those will be gone. As to ones that were just put into management positions (or left there), I'd say that they'll be staying. Surely the idea that a layoff was coming soon was known when they put together the new structure, and the ones chosen to be in management positions at that time weren't being considered for layoffs.
CK had the courage to make this announcement. Does he have the courage to really look at top layers for RIF? or the same workerbee's going to be affected by this RIF?
Good stance on doing away without a COO? We still don't need many Directors and VP's who don't contribute a sh--.
I believe you are correct that you can't collect unemployment while collecting pay during the 60-days under WARN.
However, you CAN apply for unemployment (at least in Texas) even while you're still collecting severance pay.
WARN requirements are 60 day notice if 33% of workforce is laid off. However they can lay you off Mon/Tues and ask you to leave then. But you'll be paid and receive insurance for the next 60 days, and it is my understanding that unemployment won't start until you're off the payroll. (At least that is what happened to me previously.) Best of luck to all Denbury family.
To the person agonizing over how much work there is to do: you're stuck in a mental casino where the house always wins. Don't kill yourself for this company - time's proven that they're not going to return the favor.
To everyone else: god willing, this all ends Monday. If I'm laid off, I'll take the severance and unemployment and find something else. If I'm not, I'll spend every spare moment I've got trying to find a job elsewhere. I like Chris, but the company's been in a listless funk for years. If it survives, it'll be remarkable; if it thrives, it'll be a miracle; and if it's ever fun to work in again, I'll eat my hat.
The RIF'd employees in 2016 received 2 weeks per year of service. Personally I hope who ever is left in HR does not try to use the same outplacement service that we were subjected to. I went to the Resume writing classes and it was a sham, a 76 year old guy with outdated copies of the Dallas Business Journal, telling us to look through it to get names of other Oil companies in the area to submit resume's to, the only problem was that the paper was so out of date, that over half of the companies listed were already out of business.
Good luck, there is life out there, it is a bit different than on Legacy and Tennyson, but you will survive!
I can't afford to stop working until the axe falls. Too much stuff that needs to get done in a short amount of time.
I think next week. Nobody around me is working. Everyone is sick and scared.
I agree. I kind of think it is going to start today and conclude Monday and Tuesday. They can't let us all hold onto these thoughts without any action. Honestly, did you get anything done at work yesterday? Zero production until we all know yes or no
My own personal opinion is Monday. With the earnings call on the 8th they could then bring the savings in G&A up on the call. Again just my personal thought.
I don't think how they did it the past two times really matters in this case! Since Chris said they are giving the same severance package, they don't have to give 60 day notice.
WARN requires far more than what we were told today. If I had to pick a date, it would be August 9. But that's only an educated guess.
given the number of people who are out on Fridays, it seems an unlikely choice. in the past it's been on Thursdays and Wednesdays.
If over 33% of the workforce is layed off, he is required by law under the WARN Act to give notice.
If you know it's not tomorrow then please tell us when it will be!
It's not tomorrow
Probably assumption. Making people wait through a weekend or another week would be torture. Productivity would be at a standstill.
How do you know tomorrow is the day?