I recently heard that they are offering retirement packages only to eligible management....can anyone confirm if this is accurate?
And is this their version of PIP’ing middle and upper management?
Throwing money at them along with their dividends?
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There is no quarterly STOCK BONUS. Executives are awarded restricted stock and receive dividends quarterly. RSU/EBU are awarded ANNUALLY in Nov/Dec. 2020 awards will be interesting to watch. Earnings Bonus units (cash bonus) are "underwater" since earnings are terrible. SO no Cash Bonus. Senior Executives will probably see 20 to 30% drop in 2020 compensation vs 2019. XOM also force ranks its executives and the bottom 20% get no cash or stock bonus. And fourth quintile only gets about a third of the max award. Even top quintile executives will see a reduction in RSU awarded. This reduction occurs every time XOM underperforms. It happened in 2017
I think your referring to those now ranked lower.
Yes you should have found out from your employer https://www.reuters.com/article/exxon-mobil-retirement/update-1-exxon-to-suspend-company-match-to-employee-retirement-plans-in-oct-sources-idUSL1N2F62IA#:~:text=HOUSTON%2C%20Aug%204%20(Reuters),from
- but all the DH and higher ups will still continue to collect quarterly stock bonuses. They can deny it but they definitely get this. They rest easy in their mansions in Carlton woods, inner loop, and the galleria.
So next time your supervisor complains about the cost of something mention how it feels to still get a bonus while the rest of us left over get railed. DRY
Honestly...I am finding out information on this board that I should have heard first hand from my employer. Why wouldn't I believe this specific thread?
This is NOT true ... at all
No packages. Just get to keep their RSU and EBU
I am curious if this can be officially confirmed from someone, and what is being offered.
I heard from multiple sources that this was happening. The management is getting a very good package to retire now.
This is very BAD if this is true. Screwing regular employees and rewarding the Management. This ship is sinking fast. I hope not.
There have been several retirements announced this week in Downstream, but not all were mgmt. However, I would say there seemed to be a significant amount of mgmt. retiring. Very interesting!
I have not heard of this, but would not surprise me in the least. Golden parachutes for me, not for thee is a general attitude management has.