Did they really got read of all the fat middle management or as always the protected each other's? Spill the beans partners :) I hope they slashed all the losers
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Close to 20% of the filled positions are actually promotions.
What surprised me with IT is that they did not fill 30% of positions in R3 because applicants was "not technical enough".... If this is the really case then this is good - our IT may be willing to be like what is in the industry (bay area) as most of our 24+ are really not IT competitive anymore (don't even know how to read code or smell BS when contractors talk about methods/threads etc.) . Which a lot of IT leaders outside still know how to do - if you check LinkedIn jobs.
Another unsurprising thing - because there is no interviews, the positions are being filled with the "who the leader knows".
Lots of promotions which surprised me
Congratulations to the Digital Platform GM and welcome to ITC! He is going to need a lot of luck and prayers to deliver the digital platforms.....his announced direct reports are not the technical leaders with proven capabilities. The GM’s FLT colleagues took care of him LOL
@1nxj. Loyalty is a two way street and CVX leadership is not loyal to anyone.
Do you expect them to keep people who are not loyal and not agreeing with them?
Many of the good ones who EOI'd know that gas sales are never coming back - (which is a good thing) so CVX us going to be competing in a shrinking industry in certain fuels, The boy/girl scouts who remained are trying to convince themselves everything will be fine. Maybe it will who knows really but the good old days are gone. The company may be able to finance the dividend with loans and cost reductions for a few years but ultimately it has to get more profitable and stop wasting money. We will see how that pans out over the CEO's tenure. Not that he is too worried, he is well taken care of financially and will be gone in 5 years into retirement for some other wannabee to take over
I'm looking forward to shorting Chevron stock at the appropriate level
There were more people who EOIed in Round 3 than expected, including many that appeared to be too young to retire. As a consequence, there’s good news and bad news: The good news is not as many people were forced out or left standing involuntarily. So some mediocre performers have dodged the bullet this time around. The bad news, as it is always the case with ‘voluntary’ EOIs, the smart and good managers and employees that can easily find other jobs are walking out and the company is hemorrhaging due to the loss institutional knowledge and experience.
The refinery world saw little change. The EOIs probably balanced out those who would otherwise be left standing and there were a lot of promotions.
a lot of IT names missing. heard that they cut way more than 30% for the 25-27 psgs
CEMREC sure had some interesting choices. Glad im getting out of that sh!!show.
Top management need scapegoats below them to blame for failures and shortcomings. This is the same with each and every lower rung on the management career ladder. They operate on the premise that the more buffers between the actual work and top management, the better it is for them. They can always find some schmuck middle tier management type along the org chart to cast the blame. Big shakeup in this prolonged reorganization, but no real change in modus operandi. Chevron will keep failing. Dump your company stock.
The biggest surprise was there there were barely any people left standing and round 4 will have to fill in that gap
No matter how many rounds you have the fat and the stupid sticks around because they have survival skills. Good people are either left standing or EOI. CVX is going to implode sooner or later. This is so DEPRESSING seeing the same useless names. Really messed up
Chevron is soooo messed up. That’s great,
Sh!t. It’s the same old same old. Just look at the names. Lot of smart older people took the EOI. Lot of mo–ns still left.
Only the ones that are loyal and supportive of the new management got jobs. Some of the selections made no sense as they had no prior knowledge or experience in that position or product.
Yep. All fat layers were removed. Only the best performers remain.