I don't have a problem with any CxOs taking multi million dollar packages and outsized bonuses.
I HAVE a BIG Problem with them carrying an option to layoff people as an option in the face of difficult times for organization.
No one, absolutely no one, deserves to be called a leader, if one can't stand with its people in the face of difficult times.
i hate to say it but - bring on the renewables and kick all these bas---d, greedy CxO's out to the curb. All of the energy companies across the board. Their focus is lining their own pockets and should be regarded as thieves.
You have more use for undertakers than leaders
Expanding a bit on the reducing the workforce - in a service company such as Weatherford, this should be one of the last levers pulled.
Many of Weatherford's leadership treat the employees as though it is a privilege to work there, WTF.
They need to learn how to manage their inventory and overall P&L.
Trouble is most have been taught that workers a dime a dozen and as WFT does a horrible job training people this has often been the case and is one of the reasons they are lagging behind. It is only owed to the labor they inherited from acquisitions and technology that they have made it this far. There has been very little organic growth in either otherwise.
First, sometimes leaders must make the difficult decision to reduce the workforce owing to market conditions - I do not take issue with this as it is what is required.
I take issue with your views on their compensation. The fact is that the only reason they are at those levels is that the stock holders have allowed it. Companies all have a Compensation team that reviews and ranks themselves against their peers. This is inclusive of companies that are run well and then the ones run like Weatherford here.
The underlying problem is that they are not held accountable.
Exec leadership is about lining your own pockets and then run. The losers stay behind complaining about it.