D- He inherited most of this mess from CEO O'Leary and ego George. Why are employees not jumping on george K. You noticed he got out before he had to take the heat for this mess with ABU.
I do think he needs to get rid of some of the Exec as well, a lot of bad decisions going on at Chevron still.
He spent 120 billion in cash in 2 years. Half the cash was for project overuns??
F. So bad there is a risk of cutting the dividend.
D. While nobody could predict how badly oil pricing would drop, the leadership is solely responsible for directing this ship and keeping enough surplus funds in the bank, appropriately sizing the staff of a company, and having some funds put aside for the cyclical storms this industry sees every 7-8 years. It is as if the leadership didn't learn from the previous downturns. They are solely responsible for spending record amounts for new projects, hiring too many staff, and not holding the middle-management accountable for their poorly run projects and cost overruns.
Someday, I hope I'll be a C-level exec at a company. You can bet that I've learned my lessons over the past decades. This wouldn't happen under my leadership.
C-
The board of directors should had seen it coming a year ago the oil price environment. They would have increase the lean sigma activities and adopt it's recommendations to reduce cost and improve efficiencies. Preserving the top management is their last resort while letting go the hands and feet that build up the company.
I had been with Chevron for 15 years and 4 different Business Units; and being an expatriate I met a number of CEOs. Some managers exist because they are good at networking and people skills (good in giving bullsh*t talk) while doing little work. This goes all the way to the very top.
They might not have a lot of options now, but the current situation is the result of their decisions. They don't deserve anything better than a C minus.
Well, right now they might not have a lot of options, but their previous wrong decisions should be accounted for. Overall, nothing better than a C minus.
F-
D
It really sux that we are all loosing our jobs but not sure what options they have. I am wandering just how much damage they are willing to inflict on the company to fund the dividend.
C-