Here's a guy that fires the wrong people and puts the wrong people in important positions. How long will it take to undo that mess? I would say at least 5 years.
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glf & mm gone. That cleans some of his wrong doing!Both were not even 5% qualified for their jobs and set back the company by years.
So milk it while you are still there. Abuse company truck.
Failing in RSS and LED as well. I see it daily.
Ahaha in 5 years all WFT will be is a distant memory!
Right on with Dumb Iron. It always made money for WFT. In South Texas WFT has failed in Coiled Tubing , Frac, and the I- Ball Frac Sleeve System that didn't work.
One thing Weatherford was always good at was buying companies with good tech.
That's it, after that they just screwed the pooch on trying to integrate anything, keeping quality folks around or staying in front of others.
Like a big kid with a magnifying glass just watching all the little bits burn. They started as dumb iron and will return to it soon enough - unless they have some sort of revelation and clear a large majority of folks that lack vision/innovation and the ability to drive and deliver on the same.
Surprised he's still around wow haha
Did Baker Hughes ever recover from this guy's mistakes?
I really like Mario! He's doing a favour to all those good people he is letting go. All hail Mario!
@OK1w8BR - is there even a budget left for any R&D? My understanding is they are cutting it so much it would only cover salaries. Given there is no R&D to do you can cut the salaries as no need for folks if there is no money to do work. Rodger and his team can keep pushing HSE and the rest can keep pushing their competency training- understand that is the focus for the rest of this year anyway.
I hope they clean up very soon the rung one below him- his friends and his coutry folks he installed/favored.R&D got anhilated. and complerly disjoint.
R&D monthly meeting for VPs and directors is a total joke.No technical or innovation ever discussed or any interaction allowed .You attend it so only QHSSE and few of favorites speak.No wonder rss and others failed.
He'll be a legend on some toilet wall no doubt.
Depends, how long will he be around? So long as he is tripping over his own ... nothing is going to change. He is also over product lines keep in mind - take a look at some of the changes going on there, they are pushing out experience and replacing with folks that will simply agree with anything.
Having spent 1 hour in Mario's company. An hour I'll never recover from and totally wasted. Even got the offices name wrong, abused a questioner and totally inept. You'd be better off packing your bags now. He arrived looking like he'd been dragged through a hedge backward & slept in his ill fitting suit and spouted nonsense about he was only at WFT because he'd saved other "failing" oil field companies. A good resemblance of "MrCresote". Totally ill prepared. Lacking gravitas & a legend in his own mind. Unfortunately over paid and under performance are his trade marks. Also lacking the "wafer thin mint".
What is going on with the Weatherford Completions department ??
I am one of the lucky ones if you consider not being in a RIF yet. But the sad thing is that I have to see my management ruin this place with me here at WHR.
The only options are to throw everything down the toilet or on the scrap heap.
Recover? May be nothing to recover from. You can take that two ways, first that they will sink and that's the end. Second is, do you understand or does anyone, what is the "C Suite" plan for the company? Perhaps his focus is on what they plan to keep as part of the Co and the rest is an afterthought not worthy of anyone he feels is worth anything. That is taking presumption any of it is worth anything at this point. I think they will keep core of TRS & Drilling services as that moves the needle the most, ALS hardware, Software and wireline perhaps. The rest like Completions, Automation and such will be sold or run into the ground.
You can't recover is the short of it. By the time they start to turn it around the industry will have already made the turn and moved on. The folks that were worth anything will have moved along as well and others will not wish to come in owing to the reputation WFT carries. He has also demolished much of the development so there is little to no future for this Co. best potential is that they split it and sell its pieces.