DW is legally required to deliver value to the shareholders. He has no responsibility to treat the workers fairly, beyond what is required to sustain and increase value for the shareholders. If that means shipping US American jobs to lower cost countries, then that is what must be done. This isn’t corrupt, this is capitalism: profits ARE more important than people. What don’t people get about this?!
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He’s caught up in how much of a bonus can I convince the board to give me a retirement package…cash, stock, use of corporate jet…
https://corporate.exxonmobil.com/news/viewpoints/time-travel-to-2018-for-an-ExxonMobil-earnings-perspective
Thanks Jennifer, but when are you going to stop letting all of the valuable people contributing to this bottom line walk out the door? Write about that instead...
@2icg+1nQVXeTw
You must have missed the news pal. Exxon is in talks with Tesla, Ford and others to supply lithium. Plastics may be needed, but it's only a small part of total oil demand. Rather than debate, let's see how the next 10 years turns out. Disruption in tech industry is normal but now you're seeing it in energy too
Oil ain't going anywhere. Electrification is hugely material intensive, a lot of which comes from petrochem. Just go look at Amy conservative petrochemical deman estimates from any reliable source. We're not opening enough mines for rare metals to power your Teslas to begin to make a dent.
He's getting caught up in the short term return mindset at the expense of quality, which will have a long-term negative effect on company peeformance. Exxon used to always be about long term growth and return, not short sighted cost cutting for return. Managers whose only profit margin method is cost reduction rather than intelligent business growth methods almost always reduce long term growth because it purges the talent in the company. If you take care of your people, they'll take care of your company.
What a perfect example of how toxic this place is.
This guy's motto is "the end justifies the means" and he is not only advocating for it, but also celebrating it.
I wish for you to get a taste of your own medicine: to get fired.
why do you guys think like DW owes you anything? lol
You are absolutely correct. One point to add. DW knows that the end of the oil & gas industry is coming. He is squeezing every penny that he can before he completes a mega acquisition to refill reserves. The industry will consolidate back to Standard Oil before it ultimately ends (by the end of this lifetime). DW is just su-king the earnings out from himself and all his "shareholders". The rest of the population loses and the rich stay rich.
Why you asinine pumpkin pie hair cutted freak...oh and that goes to the whole lot of the board etc.
The truth is YES Houston spends A LOT of time redoing the "Cost effective BTC work". There are VERY FEW workflows they can consistently do correct. There is a damn point when outsourcing the whole company will be the most destructive and STUPID thing ever. "It looks like it saves money" but they are drinking some serious kool-aid poison if they truly believe this. THERE IS SOMETHING TO BE SAID about having some loyalty to the people ...Americans in this case...who got this company where it is. When you treat your work force like SH-T eventually you will not have a company at all. You blame capitalism....tell me...socialist/communist governments are worse. I agree there is greed here too but this ultimately goes back to the sinful human condition. Absolute power absolutely corrupts......
@wmc+1nQVXeTw you are 100% correct!! Could not be more accurate! They do sh!+ work and NA's spend time fixing it!
OP,
You are correct that DW is legally required to deliver value to the shareholders.
With that said, there are many "legal" pathways to shrink the workforce which is something that should have been done 10 years ago.
First, a major corporation like ExxonMobil could have offered voluntary severance packages to the entire global workforce followed by involuntary layoffs if the voluntary packages did not meet our yearly headcount reduction targets.
Second, our executives could have lowered the retirement age to receive the full pension to age 50 with no minimum years of service instead of the legacy "you must be 55 years old with 15 years of service to receive 75% of your pension annuity or lump sum." We currently need to be 59 1/2 years old to receive 100% of our pension.
Adopting both approaches would have significantly deescalated the emotional churn within our corporation by hiding a "layoff" which is not a "layoff" according to our executives. The long term "kinder gentler" approach to head count reduction would help our recruiting and image long term.
These decsions give capitalism a bad name for sure. Simply the corp looks beyond greedy right? There is no way they know or understand the damage of all the attrition since 2020. No real leadership. The basics internally are the worst I’ve seen. Which that has turned evals an work flow into the keystone cops. I really think the corp is worried about a windfall tax but out side of that who’s watching the store?
DW has provided shareholder value, stock price has gone up. However, what he has done to the company is equivalent to a house renovator stripping out internal wood framing to replace rotten siding. All shiny and new on the outside, hollowed out on the inside. The upstream cupboard is bare: our “portfolio” consists of the Permian and Guyana, one super-mature and the other rapidly being drilled out. There is nothing in the pipeline, and no technical expertise left to refill it.
Deal with it buddy! FYI - US tax returns have been outsourced by companies like Deloitte! Welcome to capitalism. Think about it next time you shop at Walmart or look for a deal on Amazon.
DW answers to board of directors. I am sure one of the directive is cybersecurity. I wonder how much it takes to bribe a NA worker compared to ...say someone at BTC.
Save a million. Lose a billion.
I was hired back as 5x what I retired at.
Probably some AI bot that a manager is bragging about somewhere
I poured my precious energy, time and talent in to the company for years. Once they showed that there was no reciprocity on loyalty and gave me a sh-t ranking once I’d hit 50, I was gone in a hot minute.
When I left, so too did years of institutional knowledge that have not (and cannot) be replaced. My departure has cost my old group not only from diminished morale for those still there (and witnessed how I was treated, many have also left) but also because they are fumbling business practices and liabilities that I once managed. The past audit cycle was a blood bath.
How much has been spent trying to close gaps and replace the staff that left because of how poorly they were treated?
Not sure that’s unlocking value for shareholders. More like a penny wise, pound foolish.
No one will argue the DW has a duty to provide shareholder value. But it has to be balanced by thoughtful consideration of the long term negative impact of offshoring (and other decisions) on the employees that perform the work. That where I think he and the board comes up short.
The work in India appears high quality.
Houston total contribution seems in a downturn.
What do these have in common?
Houston constantly reworking India mistakes until correct. India gets credit for producing. Houston gets no credit for all the work done behind the curtain.
@OP - of course DW is supposed to focus on shareholder returns. Shipping work overseas is a gimmick. Wall Street likes it so DW does it. Does it actually add value? No way. He has destroyed this companies culture and technology edge. Wall Street will figure it out eventually - hopefully before he retires.
When we send work overseas, I’ve seen several recycles of workflow, lower quality, and drain on Houston resources to train them… from a bottom line perspective it can be viewed as costs savings… but is it really when all the variables are added in? If it is, it appears to be very marginal.
You're right, there's a fiduciary responsibility to shareholders, but showing the middle finger to the rest of the stakeholders only gets you so far... (Including employees and governments). If the MC & Board think they can be successful with just the shareholders, then they should edit their governance message on the website.
"ExxonMobil’s leaders work together to inform and listen to our stakeholders, including shareholders, governments, customers, suppliers and employees."
https://corporate.exxonmobil.com/news/reporting-and-publications/sustainability-report/governance
Sometimes ya get what you pay for
Get out of here you scab