We are expecting massive layoffs ahead when these not so “crown jewel” assets are sold? Tough year ahead in 2018.
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Midstream organizational changes have been updated in Outlook/elink org chart. Who I report to has changed, but in typical Enbridge fashion, I haven't heard anything from my supervisor or 'new' supervisor.
Arrogance in leadership is a huge turn off. Those who can leave will, until the tone at the top changes.
Even the most normally humble and loyal personnel have checked out. I agree with the post that notes the methods to remain employed. Politically correct, friendly with right management,appear busy...etc etc... don't even need to really perform. This organization has become a joke. How about the performance review process? Talk to anyone and they'll tell you its a crock of sh--. Again even those that you wouldn't guess would express that and their poor experience with it. Why the hell does anyone still do it? Everyone is waiting for market to turn around or a competitor to boom. The exodus is picking up steam... First couple rounds were overall credible with non/low performers walked. Then they started cutting into their talent and taking away from those that are left. The shift has begun from initiated-by-RDO based cuts to a steady stream of talent walking on their own accord. Pretty sizeable amount of dysfunction created by the ELT.
Who thought up BOEF (or, I guess I should say more correctly say OEF), anyway? It’s probably the dumbest idea I’ve ever heard, and now completely lacking in sincerity and credibility. We probably paid Bain Consulting millions to come up with it.
Here’s a smart idea: use the RAPID decision making model to arrive at the decision to fire Bain and cut our losses.
10 years in here. Culture has taken a nosedive. Employee satisfaction is at its lowest. The volume of people that would leave as quick as possible if something else was offered is extraordinary.
BOEF was/is failure and the rubbish we were fed about green energy was exactly that. There's not one iota of credibility left. I hope everyone finds that same old Enbridge is the next employer. Death spiral it is. Even though ELT will not admit it. It is satisfying to watch some of this in flames. Just desserts!
Selling stuff that doesn't make us money and were not really good at to fund stuff that does make money and we are good sounds like a damn good idea to me. Focus on pipelines. Please, just focus on pipelines!!
BOEF = Building Our Energy Failure... lots of $'s wasted on this crap and lots of good people wasted and an entire organization wasted. AM needs to be fired as well as the board that has let this nonsense go on and on.
I am curious when the reduction is coming and who the potential buyers are for the Midstream assets, I am sure since they made the announcement public that they either have it sold already and are just waiting for final approval or they made the announcement to let other companies know that they want to get out of the midstream business and a possible deal can be made but either way it's a real shame the company has gone this way, when I started the midstream was booming and there was $$ to be made and their were drop downs to keep it all going but several years ago the market took a downturn and gas prices dropped so I am guessing AM and all the others don't care now and are just going to kick everybody to the curb.
I wish everyone to have happy holidays and hopefully better times are on the horizon and we can all stop worrying from day to day if we are going to have a job.
I think some of you are not being realistic about the ELT leaving their jobs. The way it works is they are just going to continue with what they do because they can always justify it. Besides, regardless if they leave or get replaced they are financially secured already so it is always a win-win for them. The divestiture of non core assets has been going on for some time and it will continue. On a hindsight, I already know more than a dozen contractors and employees leaving on their own because they don’t want to be a part of whatever is happening which resulted to people felt demoralized, degraded, emotionally & mentally unstable (of course they pretend they are ok). I think the bonuses and pension plan should be scrapped and replaced with enhanced health & psychological treatment benefits package to the tune of $20k each coz we really needed it these days, the currency will depend if you are located in canada or the states. There was a time when I feel really proud to say I work at Enbridge but these days when someone ask I just say I work in an oil & gas company. Why I stay? Just for the money coz I know that no one cares and I didn’t trust anyone nor consider anyone as a friend in this workplace. Why would I need friends at workplace when I have real family and friends outside. I don’t expect to be treated special in a company that I know treats me like a number, I tried being both a contractor and employee and my mindset didn’t change - get in the morning, work and get paid and life goes on. When you leave, they are just going to replace you. No one cares, so why would you care about what your management do. Who cares if I am a top performer or not, besides I don’t have to perform well in a place where it is more important to be politically correct than to perform at your best. All you have to do is work smart, get friendly with your management, pretend you care and be politically correct. I am not gonna say anything bad about anyone in the management coz it is not gonna change their strategy. When the stocks go down I buy, when it’s up I sell. People are going to continue to leave and the company will just move on, so why care on what is happening.
There's a new CEO? What happened to AM?
And that pretty much wraps up that discussion. Let’s hope our new CEO has some leadership abilities and not just a desire to destroy the company.
Yeah Al is vain and he screwed up big time and it's time for him to admit it. Let someone else do the fixing.
I’m a former employee. What a great place it was. Hope the good days return. I watch the stock closely these days - hope it does well - not to your detriment. There is life after ENB.
Greenhouse effect is a hoax anyway - who cares about 100 years down the road. We need to embrace this mentality in a polictically correct way. Balance sheet clean-up only works in the short term ... we will all be dead in the long run.
It seems to me that the Spectra acquisition was more about meeting AM’s vanity goals than anything else. Looks like he’ll be remembered, but not in the way he had in mind.
What a total disappointment this news release was.
This is very short-sighted. They have to sell the assets to meet their dividend guidance and prop up their share price, but in doing so they're no longer going to be a leader in North American renewable energy.
What they'll likely do is just buy back into the market in the future when things turn around. 2018 will see a lot of people losing their jobs and/or being shipped off to other companies. Another fun year being an employee here.
Inject cash and sell off assets to improve the balance sheet. And keep the dividend strong to keep investors happy. Seems like a pretty standard response from a company struggling under huge debt. I still don’t know, though, if the Spectra acquisition was worth all the pain.
We acquired Spectra, but we weren’t ready for integration. Now we’re running double the ‘centralized’ systems, while seeking “One” way of doing things. Of course our resources, innovations, trust, respect and staff are stretched.
I would be curious if the plan is to sell all of the Midstream or just sections of it.
Are today’s announcements a planned part of BOEF or a drastic measure in reaction to ENB’s falling stock price and pressure from investors?
Today’s news doesn’t add up to me, but I don’t think i’m getting the full story.
How do we build “Our Energy Future” without building up our renewable energy portfolio? Renewable energy IS the energy future.
The slogan should be changed to building “Our Energy Past.”
What will the sell off of “non Crown jewel” assets do to Enbridge’s already weakened culture? Do the leaders even care anymore? Will any employees ask any honest questions about what we can expect? Or has everyone been beaten into submission?
Someone mentioned Yammer. Will anyone say anything of consequence about the announcement on Yammer? Has anyone ever said anything of consequence on Yammer?
As has been said before, Enbridge bit off more than it could chew with the Spectra acquisition. The steps outlined in today’s announcements, including the balance sheet strengthening measures and the asset sales, are intended to ease the company’s indigestion.
The news release sounds rosy and positive, as though the steps being taken were part of the plan all along. Was that the case? Or did things go terribly wrong at some point, forcing the asset sale and infusion of new capital to shore up the balance sheet.
Did Enbridge overpay for Spectra?
It sickens me to learn that Enbridge will be selling our renewable energy assets. They are what brought this company into the 21st century.
So tell me again why we had to buy Spectra. Maybe I just don’t get it, but from my perspective, that massively expensive purchase ruined two excellent companies and put a lot of talented people out of work. Now it’s ruining the company’s most innovative and future proof business line. Tell me again why Al was put in charge. I don’t understand that either.
If you're not part of the "crown jewels", AM just kicked you in the "family jewels" and out of the organization. Bu-bye! Big bonus trumps integrity and respect.
During the Spectra acquisition the message was 10 - 12% dividend growth secured to 2024. Today's announcement we are selling assets just to maintain 10% dividend growth until only 2020. It sounds like the company is struggling to meet its targets.
It was not just AM who is to blame. The useless board has been asleep at the wheel all this time. They just want to collect their retainer fees. If there is any competence left in them, AM should be fired now along with his entire team. Make sure they punch a big hole in their golden parachutes. They can coax PD back from retirement until a more competent leader is found. Someone with ground experience and not just a pen-pushing exec.
Death spiral
AM drove this ship into an iceberg. He should have known this would have happened but he has bullied his ELT and Sr Management into reactionary yes-men. Stock will do another dead cat bounce on the news, but the smart money sees through this and is moving elsewhere. Raises, bonuses and promotions for the Muppets are out. BOEF was a high priced consultant boondoggle that he signed off on. Continued disrespectful layoffs and firings are tweaks that will happen to keep the surviving workforce in submission, but these newly announced asset sales are unchartered waters of desperation for this once great company. Thoughts?
Proves the wind and solar was just green washing after all
Well...at least Yammer isn't a failure.
Sounds like BOEF is a failure.
I read a lot of desperation in today’s announcements. The company is fighting for survival.
Yes to that. We’ve all just learned how our company plans to deal with our massive debt. Synergy savings just weren’t going to cut it. The stock price will undoubtedly go up after today’s announcements. Will we still need the RDO, given that chunks of non-core assets will simply be sold?