Thread regarding Weatherford International Ltd. layoffs

Karl Interim CEO making $370k/ month in cash payments

"In consideration for his expanded responsibilities, effective June 10, 2020, Mr. Blanchard's base salary has increased by $11,667 per month from his voluntary reduced salary rate. Mr. Blanchard is also eligible to receive monthly cash payments of $370,296, which are payable on the 15th day of each month from July 15, 2020 through February 15, 2021 (the "Additional Payments")."

Where is this money coming from? Good and hard working people are being laid off and lives ruined by corporate greed.

https://www.marketscreener.com/WEATHERFORD-INTERNATIONAL-61112302/news/WEATHERFORD-INTERNATIONAL-PLC-Change-in-Directors-or-Principal-Officers-Submission-of-Matters-to-30783206/

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Post ID: @OP+15vsWsmp

32 replies (most recent on top)

Way overpaid to be the CEO of Weatherford as an ongoing concern. Mark made less than this. Karl's job is to be a going out of business CEO, a junkyard salesman, an auctioneer, to get rid of the company in whole or in parts (parts are most likely, and then sc-ap the residue).

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Post ID: @faxe+15vsWsmp

Maybe NOV is buying out the U.K., but not the USA.

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Post ID: @5csa+15vsWsmp

Ha! And here I am feeling guilty for going to ask for a raise. Wow!

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Post ID: @4srg+15vsWsmp

It won't shut, NOV is a done deal and getting their lads onboard already. ie, the new HRD in UAE

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Post ID: @3lsu+15vsWsmp

Hopefully closing and sc-apping the rest! Time to end this worthless excuse for a service company.

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Post ID: @3jzo+15vsWsmp

Sometimes you have to raise prices sharply because you are in recovery mode. You cannot lose money thsts the fitst rule of operations. Do not get in a position of losing money.

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Post ID: @3ulg+15vsWsmp

"Individually we are impressive, together we are unstoppable" LMAO!!! It sounds like communist propaganda.

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Post ID: @2qkc+15vsWsmp

I’m waiting on the memo about our 20% pay cut continuing for another quarter too.

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Post ID: @2plq+15vsWsmp

Lay people off, give leftover employees 20% pay cut, give that money to the CEO. ONE WEATHERFORD

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Post ID: @2qvj+15vsWsmp

This is what happens when you get away from the Cowboy Way and go to another plan that don’t work

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Post ID: @1owt+15vsWsmp

Seems like he has bigger issues these days. At least he was able to squeeze some juice out of the Weatherford lemon to help fund his legal defense.

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Post ID: @1nji+15vsWsmp

John Wilson was a briliant guy no doubt but he pushed the "GAP strategy" of aggressively increasing product pricing. WFT turned off and lost a lot of customers/ marketshare using this strategy. The strategy also stunted commercialization of many new products/technologies, which was part of the reason the transformation missed the mark on EBITDA (free cash) generation. The GAP price increase strategy will not work in our new reality - low oil prices.

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Post ID: @1ind+15vsWsmp

They need to bring this guy back to be the Chief Restructuring Officer. Seems like everything was going well until he had to leave

https://www.bizjournals.com/boston/news/2019/12/19/local-exec-says-fixer-in-college-bribery-case.html

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Post ID: @1pyj+15vsWsmp

@Liferdog - You shouldn't be able to earn this much when your company is in crisis and facing a second bankruptcy in a year.

OXY's CEO and senior execs took an 80% paycut on their salaries - not on a retainer. This is an oil company that made more "net profit" in 2019 than WFT has made in the last decade.

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Post ID: @1aie+15vsWsmp

Its an incentive. You too can be ceo of wft

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Post ID: @1has+15vsWsmp

Individually we are impressive, together we can't seem to avoid total financial collapse.

If you are going to pay someone that much money even if they fail there is really no incentive to make any impactful changes. These guys just kick the can down the road for as long as they are able to hold on, cash in their chips, and leave with bags of money.

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Post ID: @1zmi+15vsWsmp

So, it happened. Karl released an email with the tag line ‘individually we are impressive, together we are unstoppable’.

No f— nuts, the only thing that is unstoppable is your greed.

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Post ID: @1lje+15vsWsmp

well they paid Krishna an additional $400k/month, so guess that's the going rate for substandard CEOs

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Post ID: @1fal+15vsWsmp

Why did Mark leave? $6.6 million in compensation and a base salary of $1 million wasn’t enough for him? Sh– he could have bought everyone a fkg turkey for Christmas! Oh wait... turkeys don’t buy more turkeys... or do they? Lol

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Post ID: @1fkm+15vsWsmp

ill do it for $200,000.00 per month and only lose $750,000.00 per quarter.

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Post ID: @esg+15vsWsmp

Its not easy running wft and you know it.

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Post ID: @pqb+15vsWsmp

Yet when others pick up extra duties from less employees we are told no raises or extra income and we lucky to have jobs! Toxicity at its best, i truely hope it doesn't last much longer.

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Post ID: @qef+15vsWsmp

To be honest I wouldn’t have expected anything less from the mercenary scum that are in control at Weatherford. Just one freeloader after another on an endless conveyor belt waiting for their turn to milk as much as they can in the shortest possible timeframe.

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Post ID: @dmm+15vsWsmp

W*F WFT, $370,296 bonus every month for one man works out as some crushing gravity, or should we all just accept that as "out of our control"? No wonder we can't turn a profit. Other corporations are no better with the top draining resources from everyone else while making little to no positive difference but this still feels like a gut punch considering the state Weatherford are in. Jesus take the wheel

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Post ID: @fda+15vsWsmp

This brings our executive mindful moment into clear perspective :|

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Post ID: @sdd+15vsWsmp

12k a month increase you can accept. The $375k per month in cash is an utter disgrace. If that greedy [email protected] appears in video saying we are all ‘One Weatherford Family’ then everyone just needs to think about his new pay terms. He is no leader, he is an utter disgrace. The pig has his snout in the trough as the company dies. That sums Weatherford, and corporate culture in general, up perfectly. Greed, and debt, are k–ling companies.

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Post ID: @hhm+15vsWsmp

No wonder we are struggling on that money they have to look at themselves and ask why are we failing we spent 30 millon on a restructuring company to streamline us. Is it not the jobs of these top guys to do that its a shame field and workshop guys getting let go world wide the guys that can do the JOB and most managers now are piss poor at best with no field experience or workshop experience but hey its ok ive a degree so i know what im doing. The board or creditors whoever in charge need to clear some of the top brass they have been the guys failing us not the bottom of the rung boys and gals.

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Post ID: @ppq+15vsWsmp

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