Thread regarding ExxonMobil Corp. layoffs

Leadership is a big word and it should not to be used in context with this all across the board losing company.

My main gripe is allowing employee count to rise by 5000 over last four years. Where were these people added (Permian? Gulf Coast Refining/Chem? IT?) . 2017 to 2019 we should have PIP'd 4% per year (vs 3%) on a disciplined careful basis. vs 8% in a hurry-up crisis mode. This 5000 growth was stupid and is magnifying the impact on today's PIPs, I estimate XOM needs to be down by 10000 over next 3 years (part 2000 from asset sales, 4000 retirement, remainder from performance management PIPs). This assumes oil prices get back to 60/b by 2022. Competitor salary surveys (including industries outside O&G will show xom employees over compensated in total base+benefits plus incentives. some tough management decision are coming on MPT compensation, promotions and executive pay, especially in the upstream

Solve a huge problem and get rid of XTO management....Managers AND Supervisors. They truly are the poster children of the good old boy club. They are racist, unprofessional pigs who break all the rules because they are protected by HR. They spend money without regard to budget and completely disregard Controls measures. Get rid of their private plane and the visiting apartment quarters (we really know what those quarters are for). A closer look at their records would have Midland and other plants shut down in a heartbeat.

And there went half your benefits. Retirement, Education ... can’t wait so see what health insurance looks like next year

Shareholders don't care. Also, complacency is why employees find this "shocking" with words like demand destruction for our products, how do we find it shocking when people are let go.

As a shareholder I don't know what to make out of all this :)

Too much entitlement. How will you manage without the 7% match that you will not be able to touch for many many years! S— it up and stop the 1st world whining. If this helps get through this rough patch, s— it up and stop complaining. Go work for a small business and you’ll see you’ve been getting what most people dream of.

Not so much shocked at the what but at the how. We always knew that defined benefit pension (vs defined contribution) plus 7% 401k match was above what everyone else was getting, thats why we put up with all the c-ap. We always knew it was a matter of time to go away. The shock is to the how - I always thought I wasn't working with monkeys and would be treated with dignity and respect.

Now ranking and PIPng newhires, dropping people precipitously into a PIP and branding them low performers to avoid paying proper severance, and cutting off one of the sacred cows without so much as an acknowledgment, that's totally un-exxon-like. But if you think about all the ignorant boys and girls running the company these days, it shouldn't be a great surprise. How the mighty have fallen.

Shareholders have consistently tried to have an independent Board by voting to split the CEO and chairman role. I doubt after this it won’t pass next year - but maybe by then it will be too late.

Seeking Alpha makes a compelling case that by not looking for the long term health, management is shortchanging shareholders. The market cap drop doesn’t offset the value received via dividend:
“ A shareholder would be far better off, if the company were to slash the dividend and focus on generating actual positive returns for shareholders via wise and timely acquisitions and long-term growth.“

It’s too bad we have people unwilling to think critically, and use their commercial expertise and point this out. It’s even worse we have too many crude sycophants, who advance the false narrative of employees vs shareholders and take pleasure in making themselves more important by blaming concerned employees.

Investors will hold the management committee accountable, eventually.

https://seekingalpha.com/article/4364160-exxon-mobil-dividend-should-be-risk

And the one creeping lay-off boards to bash the people laid off Will likely be in the next couple of rounds.

Adios Amigo

Most employees aren’t shocked either. They understand hat they are well paid, have fantastic benefits, including a great pension plan, and that the company is currently hurting. It is just a few spoiled brads here that lost their sense of reality. Just saying.

Correction: Employees are shocked. Shareholders don't care.