Thread regarding Southwestern Energy Co. layoffs

Rumour - Restricted Stock Grants!

I spoke with someone who also got the ax in January. She told me that management is considering letting all who were laid off will vest in their entire stock grants on July 1. I hope it is true. I have small children and really need that money now. I understand, Mueller, Sherrick, et al, immediately vested in their shares and pups. It doesn't seem right to me that the ones who are responsible for the debacle SWN has become, will be rewarded. I also heard that Sherrick was paid $1,000,000.00 for the W. Virginia acquisition, because he closed it prior to the end of 2014. If true, this is the essence of corporate greed!

Can anyone verify any of this? We, the ex-employees, built this company from the ashes it was to a fine, well tuned company and then Mueller, Sherrick, Hresko, McCauley, Way and the current BOD are responsible and should be held accountable. Not rewarded!

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Post ID: @OP+HK1GI0D

19 replies (most recent on top)

That's correct. The stock went into my account to be vested over the next 4 years along with awards not fully vested from the past 3 years. Because the stock price was so low at the time it was awarded on 1/22 (around $7 I believe), there were significantly more shares than in previous years when share prices were 5 to 6 times higher.

Even though we are not able to liquidate this stock today, my hope is the SWN value rebounds significantly over the next 4 years and the stock reaps many more benefits than we could imagine today. Yes, I know the stock could become less valuable, or worthless, but I tend to be optimistic that SWN will find a way to restore more value to shareholders.

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Post ID: @Bajr+HK1GI0D

I just re-read the agreement and it's interesting. All stock vested as of January 22, 2016, assuming you had sent in the required paperwork. However, it will not be delivered until the ORIGINAL vesting date.

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Post ID: @Awqk+HK1GI0D

Re: Post ID: @HK1GI0D-4wmt

.... *its

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Post ID: @Ajnu+HK1GI0D

Nope, this rumor did not pan out. Restricted stock scheduled to vest in the future were not vested immediately.

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Post ID: @ygaf+HK1GI0D

Did this happen?

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Post ID: @vyax+HK1GI0D

Very true. Stay on course people. If you really need to vent about any other issues (i.e., Human Resources witches) .... start your own thread !! Who knows you might get some traction !

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Post ID: @4bjh+HK1GI0D

the reasoning for the layoff was to restore shareholder value, which has doubled since 1/22........

With the stock price and rating totally in the tank on 1/22, doubling in value since then is promising but not astounding. I hope it continues to improve.

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Post ID: @4aou+HK1GI0D

With the exception of the last poster, who has the most sense, none of the replies in this thread provide any confirmation of the rumor of vesting of all pending shares of stock on July 1. So I guess we'll have to wait until there is official word from SWN of such action.

It would be nice if the original poster was able to provide some credence of the source of this rumor.

And for those wanting to bitch and complain about losing their job by pointing fingers, keep in mind the reasoning for the layoff was to restore shareholder value, which has doubled since 1/22........

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Post ID: @4pho+HK1GI0D

I just read a 300+ page pulitzer prize winning novel and counted no less than 10 typos. I counted two typos in the first sentence of your post. Typos happen. Big deal. Typos in a proxy statement do not mean the future of a company is in jeopardy. The person who embezzled money got caught and they didn't even come close to getting away with it. It's unfortunate somebody who was hired and trusted by SWN engaged in dishonest and fraudulent activities, but one person doesn't represent an entire finance department. One stupid person getting caught embezzling money does not mean the future of the company in jeopardy. You have posted absolutely nothing that indicates why the future of SWN would be in jeopardy.

The future of the company is in Jeopardy because a multibillion dollar acquisition was made without hedging gas prices right before commodity prices tanked. The executives who were in charge of that whole ordeal are now gone. A lasting upward swing in commodity prices will bring SWN right back to it's glory. More of the same commodity prices, or another downward swing and SWN is in big trouble.

I'm telling you- typos in proxy statements, amateur theives in finance/accounting and the rumors of character flaws in HR leadership are the last thing any SWN employees with more than half a brain are worried right now.

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Post ID: @4wmt+HK1GI0D

@HK1GI0D-4chw it is of no use to get specific on an anonymous website that is probably monitored by jenny and her cronies. I will say that the finance dept was in disarray. (example: see the horrible proxy stmt with typos, the $450,000 embezzlement. And I am giving them the benefit of the doubt that the numbers are right... And I am not even going into personal matters that is common knowledge within the organization) It is you who is delusional thinking everyone around you is adhering to the formal. If that were the case, the future of the company would not be in jeopardy.

A piece of advice: if you do work for Southwestern Energy. Start looking for another job. And hope former and current execs for Southwestern Energy don't end up at your new job.

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Post ID: @4ibf+HK1GI0D

You're bitter and delusional. You've posted nothing but nonsense with no specifics. Stop trying to denigrate the reputation of others and worry about taking care of yourself.

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Post ID: @4chw+HK1GI0D

H/R has themselves well covered, regardless of posts. Company attorneys make certain of that.

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Post ID: @3iir+HK1GI0D

No less than 95% of SWN employees don't give a rat's assabout HR, so no, McCauley and HR are not a huge issue at SWN. I have absolutely no idea what happens inside HR, but if it's as bad as you continuously post it as being, how about citing specific incidences instead of posting meaningless accusations of corruption?

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Post ID: @3rmk+HK1GI0D

McCauley and Human Resources are a big issue at SWN. Always have been. Hopefully, something will happen to streamline and improve. In a company like ours, HR has to have a strong leadership to take the company through these tough times and succeed. With the poor and manipulative management style we currently have... HR will never play that strong leadership role.

This is just a poorly managed group of buddies that the HR Manager has always protected and enabled. There was a project person working there, close friend of McCauley named Elizabeth who has caused an environment of terror and despair among HR employees, current and past. The worst we've ever experienced. That department is important, but has a very bad reputation because of the lack of leadership and proper management.

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Post ID: @3wha+HK1GI0D

They should all go to jail. Corporate greed is punishable. That McCauley woman token especially should be punished for her manipulative behaviour.

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Post ID: @2dbl+HK1GI0D

Wow. I got bored and stopped at page 17 when I saw this one about Bill Way's experience in "...technical and business development rolls" instead of "roles."

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Post ID: @1vhd+HK1GI0D

@HK1GI0D-1hza just a typo. the text says "Own" when it should say Owen. Do a control F search and that error shows up a couple of times lol

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Post ID: @1dxp+HK1GI0D

Error as in typos (there's a few of those) or error in factual information?

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Post ID: @1hza+HK1GI0D

He got more than $1MM. At the time his total "retention" bonus was $1.5MM and other execs got bonuses too like Owen. And if you research the form 4 you will see that the controller got some goodies too.

For Owen and Sherrick go to page 52 of the proxy found here: https://www.sec.gov/Archives/edgar/data/7332/000120677416005340/southwestern_def14a.htm

bonus points if you discover the error in the proxy :)

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Post ID: @ope+HK1GI0D

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