Thread regarding Cenovus Energy layoffs

All in this together?

I hope I’m wrong but to clarify;
Employees and mgmt all took salary reductions, but according to the globe and mail our CEO had a raise in 2018-2019 of about $3m (total compensation). He took a 25% cut, so he’s still ahead with his recent raise even with his salary rollback. Please point out where I’m wrong and I will gladly apologize. Our raises have been next to nothing, not even cost of living increases, and we took pay cuts and ended up behind where we were. So who exactly took the biggest net cut here? I would bet our VPs and EVPs are about the same. I don’t mind all of us pitching in especially to avoid layoffs and save jobs, but it seems if you calculate mgmt raises into this they still come out ahead.

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Post ID: @OP+14qbnTmV

9 replies (most recent on top)

CEO cash compensation:
2019 $1M salary + $2.1M bonus = $3.1M (64% increase)
2018 $1M salary + $0.9M bonus = $1.9M
DZ cash compensation:
2019 $592k salary + $671k bonus = $1,263k (31% increase)
2018 $547k salary + $413k bonus = $960k

Translation: 2019 must have been a very successful and lucrative year for Cenovus and its employees

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Post ID: @Mhev+14qbnTmV

Except the execs get LTI’s every year. lol

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Post ID: @Lewk+14qbnTmV

LTIs are one-time and do not constitute a raise. How stupid are people who work in the private sector to not know this?

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Post ID: @Lvmq+14qbnTmV

I totally shouldn’t have looked at at SEDAR. Just ticks me off. I am sure they are worth every penny!

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Post ID: @vjqu+14qbnTmV

I totally shouldn’t have looked at at SEDAR. Just ticks me off. I am sure they are worth every penny!

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Post ID: @vgsr+14qbnTmV

I encourage everyone to go to www.sedar.com (https://www.sedar.com/search/search_form_pc_en.htm) and look at CVE's Management Information Circular to see what the top executives earn.

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Post ID: @paek+14qbnTmV

"The shales have been the biggest destroyers of capital in modern history of any industry"

  • Quantum guy at RRC meeting
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Post ID: @3tsv+14qbnTmV

Thumbs up for the response above.

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Post ID: @3xsr+14qbnTmV

Stop being jealous. So what he is making million and took a raise. I for one think we should increase his pay. I mean he is a nice guy, he pays us to come here and defend him. You say income inequality? I say no because he is getting paid same as other CEOs. I mean, yes wealth is going to the top 1% like never before but who really made that wealth to start off with - him. Let me ask you a few questions, were you born with his charm and connections? No. Do you contribute 100x a normal employee? No. Are you a managerial and strategic genius? No. So then why does it matter if he was born not like that either... well apart from the connections. What is fair is fair. We should give the CEO and his buddies with their brilliant decision making skills all the income/bonus they request. They deserve it. OK? Because us id–ts here cannot do math. We did not go to school or get a MBA paid for us by the company. We need leadership, kind of leadership that takes a raise then drops it to show they are hurting with us. Now who is going to pay for the 5th Ferrari this year :(. Are you going to sell your Toyota Corolla to pay for it? No you bum. Anyway, you see where I am going with this. So please STFU and go back to your desk so I could go to my desk and get paid for this.

  1. S. I also want to add HR and Communication teams are the best and smartest people in the company, of course apart from the management team but that goes without saying. I could talk the oil out of the ground with my negotiation skills, who needs you.
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Post ID: @1xxg+14qbnTmV

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