Well, leadership completely lied when they said there were no retention bonus. Many employees out there, probably all those on the IMO get a retention bonus of 6 months and a year.
It’s in the IC document. Check out the Husky posting for the details.
This company is brutal ! Such bad leadership
Maybe if the company and its management didn’t make such a habit out of screwing over its employees there wouldn’t be so many angry people on here. Giving millions in bonuses to three people, not to mention the other $30+M then giving the screws to the rest of us would have that tendency.
Work at the company has pretty much ground to a halt right now. Layoffs tend to have that effect on morale but add in excessive bonuses for upper management at the same time and well you see what happens. You have no one to blame but yourselves.
So many whiners. Stop wasting your time on these boards and do some real work. Life is too short to be such haters
So they had to find some money to pay out all the retention bonus.
So based on that INC announcement for sup’s today, there are no raises this year and you get 80% as a Meets rating, 100% if your Exceeds. It’s moving goal posts all the time..
I’m in shock right now on what’s going on at this company
At least this doesn’t hurt AP and Exec as they are 100% of the corporate score rating, which I’m sure will be much higher score
This is about to get even worst.. It’s going to be extremely difficult to keep top talent here going forward.. too many political blunders by leadership lately
On the positive side staff are getting bonuses. At least there is that. I bet some companies aren’t giving bonuses.
And now on top of this as a leader I have to tell my staff we are giving reduced bonuses this year while they are giving hundreds of thousands to executives, actually over $30M in retention bonuses all tallied up.
Sounds about right for this company.
@3yer+18fnA9bd And big help that did us. So AP put out an article which I think had more to do with his own ego and publicity and Norway didn’t even read it lol ya all hail this awesome leader because he wrote an article in the paper
I don’t care who in the staff are getting retention bonuses, they’re actually nowhere as substantial as those $600k bonuses in the IC and they’re probably working hard on integration. My issue is that you’re about to show synergy by cutting 2150 staff who will find it really hard to find jobs but you’re giving 2 completely obsolete former EVPs over $1 million each incl. salary and retention bonus. Forget even DZ even tho he’s a waste. But the other 2 that’s $2.4 million that’s 10-15 jobs of people who need the income. The other 2 don’t even need the income.
Anyone would have taken the money that’s for sure. My disagreement is with the mgmt that devalues all the work it will take the average employee to do to make this merger work while deciding only managers efforts are worth being rewarded. Especially to the tune of $500 - $600K for a few who do not need the money. Think about how many hours of your life will be dedicated to making this all work and figuring out databases and integration but nothing for you. Only the managers.
This is such insanity! What a complete breach of trust to employees!! I also can’t believe they just changed the INC faqs! I’ve complete lost my drive now.
I don’t trust AP or the Exec team anymore.
I got a retention bonus letter and was threatened with my job if I said anything to anyone. And guess what. I didn’t turn it down. Sorry fellas.
And so they have now quietly updated the FAQs to reflect the truth that there will be retention bonuses to certain people. Doesn’t transparency just make you feel good deep down inside?
Children, let this be a lesson to you all. Leave before you become obsolete, or else Cenovus will try to desperately hold on to you with $600k retention bonuses when you’re obsolete.
Who is the bigger fool?
Husky management for running the company into the ground.
Cenovus management for supplying retention bonuses to keep Husky management.
Ha. I knew HR and Comms folks couldn’t ignore this one for too long. The issue is these people are enriching themselves with over $30M in retention bonuses while telling employees there are no retention bonuses, and laying off over 2,000 people at the same time. There is no need for these excessive bonuses like over $600k in some cases for people who would or are staying anyways. It’s gross. I don’t care they make more than me, I do care about taking extra undeserved money in retention bonuses when people will be losing their jobs and they are pressuring us to now come up with ways to cut costs (again).
7:45 and the working class are getting their kids ready for school and will be online at 830. People are “pathetic “ for speaking their mind about a corrupt and twisted company and their managers? You are the fool for drinking the lemonade and being brainwashed into thinking that you work for a wonderful company. Voted in the top 10 Worst company in the world. Think about that you lemming as you boot up your computer at 645.
AP was the only Canadian oil executive who spoke out about the Norway Wealth Fund no longer investing the big Canadian oil companies. It was well written in the Herald. Meanwhile other executives said nothing with their smug, cowardly looking faces.
You mean the EVP who stole the technology and then was sued by suncor? They settled out of court. And just recently hired one of his lawyer buddies to write his biography. That must have cost CVE a pretty penny. Such a corrupt company. I give it another 5 year max.
Good thing they decided to give a big bonus to that useless EVP who championed wedge wells, solvents and basically every other ineffective SAGD technology. Wouldn’t want to lose that dinosaur.
The company is afraid that key personnel are going to leave? Really? Where are they going to go? CVE is the only place that still values deadweight non-contributing executives. Every other company in the industry has shed these dinosaurs long ago.
Technically it’s $20M on Husky side and $13M on Cenovus. If that makes a difference.
Hey Alex, maybe a nice inc message on justifying these retention bonuses for your selected few to the tune of $20M for your outraged employees. But “they deserve it for the extra work” line won’t fly. You’re laying off 2,000 employees so how much harder do the rest that make it have to work? And don’t forget all the work the average employee will have to put in to merge the two companies, it’s not just the people on the IMO who do the work. In fact it’s the average employee that does the majority of the lifting while the upper people get these retention bonuses isn’t it? If you were worried about productivity before I would say you just did the one thing that would demoralize people and make it drop. I mean why should we care when you’re going to lay so many off and enrich your buddies at the same time? I still remember you looking in your videos at us saying there will be no further layoffs. Hmmmm
Completely predictable given CVE's compensation history. If you want someone else to blame throw the Board of Directors in there as they approved them.
What’s funny is you can tell that HR and communications aren’t monitoring these threads now as normally there would be down votes or counter arguments that they post. Maybe even those people have finally snapped and can no longer defend this sh*t.
As of today the IMO team members are the enemy!. They have all lined their pockets. Remember this when you talk to them. Don’t meet they’re deadlines and say your too busy.
AP is a very new and junior CEO and today it shows. After each townhall he laughs at how gullible we all are after talking to us like your drunk uncle at Christmas time
Oh my!. People are so angry right now.. ! This one is all the talk. So many discussions today started with this topic!
Staff feel lied to and betrayed and Trust broken with moral at a new low.
To be fair AP/JM do not qualify for retention bonuses. Only exec leaders on CLT and select employees (my guess IMO leadership team).
Before this I thought Alex was doing a great job. I was a fan. Now knowing we are being lied to about retention bonuses for a select few and the executive pay going on behind the scenes while laying off thousands. I’m more disappointed as with Brian and crew this would have been expected. Thought Alex was different but now can see him and the leadership are lining up at the trough digging in while employees get the shaft. He’s like Trudeau saying we are in this thing together but we are not. Big disappointment there Alex. You like to act like a regular kind of guy in your videos but you’re just another rich guy looking after himself and his friends.
The team is so busy with additional work because of the merger, and now this news which has completed hacked the moral and motivation over here.. things are intentional slowing down now.. no bonus being provided in our area!
What a way to undermine the leaders of each team.. how do we motivate the team what c-appp like this is is going on out there...
Just some slicing and dicing of the golden goose, nothing new here.
I just heard is 50% of your base comp paid half in 6 months and the remainder after a year. Many employees have or will receive letters soon.
It’s just for friends and family of the Exec and favoured VP’s folks.. I wonder how this will help the corporate culture?..
Many people didn’t get them, even for those that are critical. Given the extra work involved with this merger with less people to do it, has there ever been a better time to get out of the company then now!? The top talented employees are always marketable.
Husky retention program is $20M and Cenovus is $13M as estimated. All to critical employees, really?But where else would any of them go is a good question?
They should adjust the FAQ to reflect this inconsistency.
Remember AP is a lawyer, he seems to have all the qualities that would make him a very good one. Please don't take that as a compliment Alex.
To be fair you whiny pylons there are mansions to pay for here and they don’t pay for themselves. These poor guys have second and third homes to pay for whether in Hawaii, on Sylvan Lake, or wherever. Others have their Olympic rich kids training to pay for and that’s not cheap. These things cost money so they need this extra bit, nay they deserve it. So you keep whining and trying to figure out how you’re going to pay for medication once your benefits wind down or pay your mortgage when no one is hiring during a pandemic. Ungrateful brats. It’s not like it’s easy trying to keep a straight face while telling staff there are no retention bonuses or there will be no more layoffs. Wait what? Forget that part.
And we need to keep these extra executives around as they’re our buddies, sure not useful buddies but still. Sure they’re the biggest salaries it again, well deserved.
The good thing is once you’re laid off you will join a very inclusive and diverse group of people who are all looking for work. On the bright side you won’t have to go to anymore useless townhalls where they say nothing of value while congratulating themselves on being great communicators. I can’t wait to hear them tell us how hard it is to let people go and how very difficult these decisions are. Luckily they will have their excessive amounts of money to help them get over it.
And if you see them throw a few promotions in while this is going on for a few of the chosen ones, it’s only because you are all so dense and cheating them on work time while working from home trying to balance your life, that you’re forcing them to need more VPs to watch over you. Don’t worry you will be back in the office soon enough for layoffs.
AP is a clown. Squeeze into those suits more bud.
How do these people sleep at night. They lay off 2,000 people and get $500k plus each But like Alex says employees will be treated with respect and fairness. How is it fair or respectful that the executive line their pockets with millions of dollars while employees lose their homes??
How does Alex look any of us in the eye when we know he’s full of it.