Thread regarding ExxonMobil Corp. layoffs

@2asd+18hFiDuM Yeah and the RSUs are doing such a great job of aligning management with shareholders. Look at how awesome our total shareholder returns are! I’d say not awarding RSUs this year for c-appy performance and firing some of the BPs who have been in their role for years making the decisions which put us in the ditch would do more to align shareholders than true owing more RSUs at them.

@1pbz+18hFiDuM Nope. Wrong. We are WINNING! If you don’t like it.. get out..

The RSU is designed to align management with shareholders through restricted stock dividends. You all work for Shareholders...NOT MANAGEMENT. Management works for Shareholders. Do your JOB or LOSE your JOB. The owners of the company expect you to do your job or as HJL-XOM President at merger used to say: "If you can't do your job, I will find somebody who can." Also, Lee Raymond used to comment our ranking system is like a distillation column..."The Bottoms go out the bottom"

They have another $4 million reasons more to keep the dividend.
Crooks!

Andrew Swiger and Neil Duffin have no plausible excuse for not being held accountable. Why the hell have they not been fired?

And of course, 554,000 shares gives them even greater incentive to drive the company even deeper into debt to borrow money to pay a grossly inflated dividend, putting much of that borrowed money into their own bank accounts. Why does that sound like fraud, or money laundering ?

Haha this is funny. This is what motivates employment attorneys to go into that field. To stick up for the little people.
What a bunch of jerks.

Execs whose stupid investment has been driving the company into the ground. They get awarded stocks in addition to undeserved high bases salary but employees get laid off and struggle to make ends meet.
You tell me if that’s fair.

Employees are not loosing their jobs for lack of work at plants.... they are gone to save pennies in comparison to the overstuffed SLS and above... 31 years with the company, 3 DH’s and 15 SLS to in the past 5 years- 5 DH’s and 30 SLS’s.... only 1 SLS cut..... they cut 30 in this division and only 1 SLS.... give me a break..... have to pay the dividend so make cut backs....number one is to stop the bleeding and as long as dividends are paid at an amount based on projections that are not happening and the Corp continues with the high salaries for SLS and above, they are only going to keep bleeding.... to truly get back to basics you must cut the fluff and they are NOT willing to do that ....

So much mis-information on this post. Restricted shares are not “bonuses” as they can’t be spent by the employee for at least 7 years. Employees who are in this program (and there are many) will get similar treatment to last year. As documented in the latest 8K, the “bonus” program was suspended for all employees who qualified (bonus defined as cash and EBUs) ... have been suspended ...

The world isn’t fair.

I do think it shows a complete lack of integrity. If the current sh– show isn’t reason to not award stock I wonder what would be? Par for the course though. Don’t have to look far to find Executives giving themselves huge bonuses right before declaring bankruptcy.

I think the entire board needs to go and plan to vote accordingly

Title: LOST IN THE WILDERNESS “. It’s a terrible situation we are in today ..... the world is getting corrupted where “fake” news are allowed to aired with no responsibility, “wrong” is accepted as “right”, I can do “bad” things but you cannot, etc.... so another wrong like “reward” yourself when you have done a lousy job, seems to be ok???? Some major disasters (I hope NOT) are needed to happen to “wake” everyone up? These people have no shame as well .... I really do not understand what they are thinking and planning to do. Laying off the valuable resources - employees, is an easy way (don’t need a genius to know this) and will it turn the Company around? I doubt. There are so many inefficiencies (which many of you have shared...) that the Company could take to put it in the right path to recovery. They also need to rebuild the trust with the employees, as it will get very difficult to attract good people. They have a lot to answer to the shareholders at the next Meeting. They cannot just put all the blame to changes in the business/economic environment, though I must admit, they do impact the bottom line but not to the extent it is affecting EM.

Ps: who am I and why I have the “authority” to speak my mind like this. I have spent my lifetime (>30 years) working for EM with CEO’s from Lee Raymond, Rex Tillerson and now DW) and, believe me, I have seen the deterioration slowly creeping in, like “cancer”. I was just a regular Engineer who has been voicing these concerns over my last 10+ years but to no avail. My wish and hope that someone with the right influence read this and “lead” the Company out of the “wilderness”.

Take care guys and stay safe.

meh... not news...

question is what are you as an ind contributor doing to enhance your earning power and grow your career in these challenging times?

hating "the man" while popular today.... will get you no further than you are today...

GL to you all.

@kgp+18hFiDuM

Employees are losing jobs because of lack of work, not because of the dividend.

@kgp, that’s what I said last week...at least at my location, the ones they got rid of are the worker bees making the lower salaries. Why not cut the high-paying jobs??

Was a bone-headed move and unforced error by DW and those closest to him. Only serves to further destroy his credibility in the eyes of employees, shareholders, and even his industry peers. Typically, the only time executives fill their socks in such a greedy manner is if they know they are on the way out. That would delight, but surprise me.

Additional job security to tell investors they have incentive to make this work... they should be fired!

This company has become a piggy bank to raid while the getting is good. Have fun...

Wow... so typical.... employees loosing their jobs just so that dividend can be paid.... that right there says it all... they should have slashed the dividend (yes that would affect me) and started cutting from the top... the highest paying jobs are at the top, but no let’s cut from the bottom... smh

Whatever happened to options where you only made money if the share price went up?

Maybe they would be fair if those restricted stock units weren’t paying out massive cash dividends straight to the pockets of these same executives, even before they’re vested