Did M.W.’s handlers completely ignore the top rated poll questions during the February 12th evening session like they did on the February 13th morning session? All that talk about trust, transparency, feedback, and leadership..... SAME CHEVRON...
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Microsoft also has a hundred corporate vice presidents that are not all white men. In fact, probably less than half. It's a different company indeed
I’m sure J & J will carefully lay out the master plan next week while they are “continuing the conversation” with us and everything will be just fine. When he announced the transformation, J.G made it explicitly clear that he doesn’t “need money” any more, so I’m expecting him to announce that he’s voluntarily reducing his salary to $1 and eschewing anymore stock option awards until after he has lead us all to safety.
Microsoft was a fierce competitor from day 1, driven by Gates, who had a take-no-prisoners approach to competition. When the business model changed from retail products to cloud subscriptions, it was time to collaborate so the company culture needed to change.
I don't see how this translates to an ancient oil and gas business. We drill wells and move fossil fuels pretty much the same way we did 100 years ago. I don't see that changing. We deal with the same types of land owners, regulators, and customers we always did. We need to get digital and track performance, just like every other company because we somehow forgot to do so the last couple decades. So what? Our employees are not fierce battlers like Microsoft used to be. If anything, we need to be more like the old Microsoft, not the new touchy-feely give me a foot massage while I strum my sitar.
Microsoft stock is up due to its increased earnings in computer software n services which is its core business not because it sells ergonomic mouses n energy efficient monitors and has a new internal culture. They also bought numerous competitor companies to shore up their core business portfolio. Wirth n other execs should communicate in town halls how we will increase our earnings thru our core business which is hydrocarbons which includes portfolio strategies, exploration, reserves, growth, capital efficiencies, opex reduction which includes optimizing head counts, improve safety, etc. Show us their plan on how we can grow our earnings in a worse case $45 oil price over the next ten years for example. This is what will drive chevron into excellent performance. IT processes, transformational culture, etc. will not. Also, MS stock has a high PE ratio and is riding a wave right now and seems to have marketed a nice storyline to go with it.
Schedule 14A Definitive Proxy statement has 2018 CIP explanation and executive salary information
https://www.sec.gov/Archives/edgar/data/93410/000119312519106207/d581752ddef14a.htm
True. Every employee at Microsoft has access to discounted equity via at least their ESSP. The Chevron rank and file aren’t going to work themselves to death to transform the company without some skin in the game, especially when at the end of the year the board can arbitrarily discount your CIP. Also, Microsoft holds their execs and VP’s accountable. You don’t get to go billions of dollars over budget on major projects and keep your job.
Wirth referred to some “scorecard” that determines the corporate factor. He said it was publicly available somewhere. I checked the SEC filings but didnt see it. Anyone know where to find it?
I think it's stupid to bring in the Microsoft CEO to advise Chevron on how to change our culture. Tech companies have a completely different compensation structure than Chevron. These people get stocks dropped in their portfolio at any given time to serve as a carrot for employees to stay happy. Chevron employees don't get stock options until PSG 26... soooooooooo
@2ocg, The opportunity was not lost in 2019. The company only decided that if there’s any need to write down Gorgon, Wheatstone and TCO FCP, it will do so at the end of 2020 or 2021.
We missed an opportunity at the end of 2019 to write off Gorgon, Wheatstone and TCO FCP. That would have boosted our ROCE sky high (by lowering our C.E.).
@1oxv, Believe me, a lot of people are going to get laid off before we get better. That’s for sure.
You guys are such whingers. The bonus would be BS if it was above 1. We had an ROCE of 2%. That is c-ap. We need to get better, or a lot of people are going to get laid off.
That’s right @1fea. Next time he has a teleconference about transformation and cutting costs, he should fire the hairdresser and just wear a baseball cap.
I did not like the Microsoft Swarmi speech but it's pare for the course. We're too close to the tech crowd and all their culture change BS. But it's the CEO prerogative to make changes. I think he's avoiding mass layoffs in favor of a cut in pay across the company by reducing the CIP. And that is fine with me. It matches his motto to weather the storms.
His response about the CIP was full of BS. So many words to basically say nothing of any consequence and skirt around the issue other than to say that previous bonus multiple was too high. Get ready. All these aspirational goals are intended to limit that full bonus going forward.
Yeah, our bonus’s have been “too high” and we need to “control costs”...... so says the man who has a paid professional to manage his comb over and makeup before town halls. Maybe we should cut that line item out of the budget.
Chairman saying 2019 CiP bonus was too high was very Inspiring. Role model We Lead behaviors or a gut punch to 40,000 + hardworkiing employees?
Have the courage to tell the foreman who spent chiristmas eve away from family that his 2019 bonus was too high?
Is that how a Chairman justifies a a 0.95 multiplier?
Anyone see the hypocrisy in MW telling people they need a growth mindset but can’t see us doing anything more transformational than portfolio high-grading and layoffs? The human energy company my eye. better than the last guy but not by much. Worst thing is the pipeline for future ceos isn’t any better. What do you think of CAPEP guy?
Chevron and its lies, there no such thing as transparency and trust. We’re all here for the fat paycheck and little to no work. Just admit it and enjoy it while it last
\Townhall looked like a ramble of Mikes thoughts. We are energized to support but it will erode quickly of you don't address the reorg and layoff question. Please get is out there and executed quickly
If Microsoft is the blueprint for the transformation, get ready for a sh!t ton of layoffs because that is exactly what he had to do to right that ship.
The Microsoft swami was pretty trippy, man. What was that dude on?
Please don't interrupt my golf game with your pesky questions. Check with Satya.
https://www.cnbc.com/amp/2020/02/07/its-not-appropriate-to-compare-energy-stocks-to-t-b-cco-chevron-ceo-says.html