Thread regarding Cenovus Energy layoffs

Alex’s awesome leadership

CEO took a quarter pay cut, junior employees took no pay cut and everyone else in between depending on seniority. More contractors and services providers will be impacted.
Probably the best strategy in these difficult times. Alex is showing exceptional leadership. Even he delivers bad news I still cheer for him.

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Post ID: @OP+14hggdU8

6 replies (most recent on top)

To be fair they are taking a page from CNRLs playbook but in the end they did the right think and no one can say it’s not fair. First time for everything. 😂
I do kind of laugh that some of the execs bought a whole bunch of stock at $9. They obviously never saw this big of a dip coming.

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Post ID: @7wit+14hggdU8

@3bsx+14hggdU8 So you retired with the company. Couldn’t have been that bad then. If you had the drive maybe you could also have been employed at that level. No need to be jealous. He isn’t collecting a wage any different from other CEOs.

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Post ID: @6krc+14hggdU8

The CEO makes $1MM in base salary. He took a 25% reduction on the portion above $100k for a total reduction of $225k. Last year he made >$9MM in total compensation. As a shareholder and thankfully retired employee this is appalling.

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Post ID: @3bsx+14hggdU8

Yep. Finally copying a play out of CNRLs playbook. Good job.

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Post ID: @2zye+14hggdU8

My a-hole days on this site end today. I agree that I never expected that outcome from this new leadership. Too many days of the old CEO linger in the culture. Turning point today.

Now we just need to see the company survive .

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Post ID: @2oim+14hggdU8

I am personally very impressed with how Alex is leading by example, yes it hits my bank account a bit but it hits his much harder . This doesn’t hurt the single mom working as a secretary making 65k A year trying to raise three children by herself. Hat off to Alex!

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Post ID: @fhk+14hggdU8

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