Right sizing already started up here in Canada, despite management denying any impending doom.
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The operation in Moncton has been outsourcing. There is no severance package at all. The outsourcing company will chose who is moving. They will keep the same paycheck for 12 months with restricts benefits.
Well hopefully the sorry sacks of sh-t won’t get away with what they did in US and AP
Well hopefully the sorry sacks of sh-t won’t get away with what they did in US and AP
Just to be clear, IOL is not 30% owned by the Canadian government, it is ~70% owned by XOM and the remaining ~30% is sold on the stock market (TSE/NYSE: IMO), to which anyone (private individuals, pension plans, investment funds, etc) can purchase shares of. This ownership structure is nothing new and has been in place for the better part of the last 100 years. XOM always has the veto, and it is true that all nearly-all senior management are XOM-transferred employees (the same way that most senior IOL managers are sent on training/development assignments with XOM globally). So the company can do whatever they want with their in-country headcount based on whatever their internal economics/projections/plans are (just like any company). And if XOM says global staffing reductions, then be assured that Canada will be included in that just like the rest of their global affiliates.
@1afp+16KdP95P You are so right and considering the current economic devastation and almost non existent and job market it is horrible for US employees.
@1afp+16KdP95P - right on point...
There are so many U.S. based employees who's lives are getting turned upside down because of the abrupt, cold-hearted way it's been handled here. Employees are humans, not robots. The U.S. government has no sympathy. I know U.S. Employees with 30 years service, 51-52 years old, only getting 3 months of pay, no continued medical coverage (not to mention, they lost their lump sum option). The same employee in Australia would get more than a year of severance pay and will have no worries about medical coverage. This is extremely different treatment from the same company. True that it is not illegal how it's being handled in the U.S. But that doesn't mean that it has to be handled this way.
US has had way too many layers of managers for a few years now. Hopefully the Canadian government will help protect you guys from the sh– show they just pulled on us.
Another unfortunately timed big campus investment. Between Quarry Park and Spring, Exxon and Imperial need to be in the office space rental business.
The Calgary GBC is an easy target to get rid of. High cost location that can have jobs easily moved to South America.
So far Kearl has been an open money pit far deeper than any of the mines. To add insult to injury, Celtic acquisition in 2013 by Exxon (XTO Canada) has been an unmitigated disaster with cumulative losses in each and every year since 2013. The net book value of the asset has tripled while the fair value of the assets in today's environment likely closer to zero.
Management in Canada are a bad clone of Exxon management, joined at the hip, largely clueless and grossly overstaffed. The principal strategy to revive the company's fast fledging fortunes is one of hope and look and see what mother Exxon is doing. There is no open communication resulting in speculation, rumor mongering and corporate paralysis.
Starting? Starting?
Half the people in Moncton/St. John got free visits to Bengalaru to train their replacements.
That was 2 years ago.
So when is it starting?
Canadian labor is protected by their government. It's not easy for them to layoff their people much so, offshore, no way. What XOM should do is chop it out from the main branch, it's losing exponentially anyway.
They're going to have to be careful how they treat Canadian employees, as IOL is 30% owned by the Canadian government.
They are being “open“ because of the backlash of the unethical bs they pulled in the IS and the fact that media here is about to unleash on them. First a post about WSJ getting ready to publish an article, next day president letters flying around all over the corporation!
They are being “open“ because of the backlash of the unethical bs they pulled in the IS and the fact that media here is about to unleash on them. First a post about WSJ getting ready to publish an article, next day president letters flying around all over the corporation!
Long overdue to cut Kearl and other mistakes of the past.
They are being open that every country will have layoffs depending on their “study”