I can’t help but think what they’ve done so far (PIL/MLRP/forced retirement, 401k match cut, benefit cuts) are way too small in terms of real impact to the bottom line. What are the real big levers that they are looking at? (e.g. dividend cuts)
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I know this is breaking the rules of conspiracy theory, but they wouldn't admit they are working on a package, would they now? Just because they won't admit to it doesn't mean it's not happening though; remember, "there will be no layoffs", "we offer the best benefits package" ... all lies to preserve the stock price the vast majority of their compensation depends on. Fool me once, shame on you, fool me twice, shame on me ..
I have been told repeatedly by sources in different parts of the organization that there will NOT be any sort of package offered, just more layoffs called PIP.
An early retirement package offer to many in November would expose the company's July PIP activity as a layoff even more blatantly.
The July PiL letter waiving rights to sue would become a corporate s–c-de note.
I see some rowdy Texas lawyers waving their lassos.
I hope you're right about a retirement package.
I am expecting an early retirement pkg will be offered in November, to encourage late career high salaried employees out the door.
2q20 earnings document....there is a fancy graph and all
It’s the beginning. The next is targeted staff reductions that was mentioned in the earnings call. The board will approve the plan in November, maybe earlier and looking at other companies 20-30% lay-off by end of December is my guess.