We don't envy you. You have a gargantuan challenge in your hands. But it was your doing that you have to undo! Good luck in that.
But don't mess it up further. First of all, don't cut or eliminate the 8% 401k match. And don't cut or eliminate the pension plan. That is equivalent to an acroos the board salary cut for everybody.
You have many other options at your disposal before you have to resort to the above:
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Ask yourself if you all desrve millions of dollars in salary. Accept a salary cut for yourself and be honorable and fair for a change
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Get rid of the high-flying expats. Bring them back to their home countries. Reduce the extra-generous premium and other lavish perks.
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When the company does not perform, it doesn't deserve an incentive payment. Eliminate it until the company gets back on its feet.
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Act quickly and get rid of the fat in various BUs. Dont hide behind acronyms like RAE, ROM and RIF. Be a man and do what you have to do.
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Cancel those expensive LNG projects like Kitimat. Stop this love affair with LNG and other monster projects
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Get creative, use your brain, get rid of bureaucracy, get rid of these endless processes, endless acronyms, reviews. Emulate Exxon shamelessly. You can't afford any pride or individuality at this point
I hope you all read it and think about it and act on it.