Crackerhead needs to be ran out of town on a rail. Along with the rest of his hoe's that he has so easily promoted. Most of them don't have enough sense to pour piss out of a boot.
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Where are they going to go? As if the choice to stay or leave will be theirs. BHI decimated BJ long before the price of oil crashed in late 2014. Now pressure pumping is hemorrhaging money to the tune of half a billion a year, and THAT is due to current market conditions. But the efficiency and quality were destroyed long before that.
I would not call a $700M loss when it was predicted to be $170M "sailing the company through harsh conditions"... certainly not sailing it well. The only reason revenue was even close to what was predicted is that tons of assets were sold for pennies on the dollar - hence the giant loss (value write off)
The current executive team will stay for a while, where are they going to go in this economic climate? Baker will either be bought by someone else for a much cheaper price or broken up and the most valuable pieces sold to the highest bidder.
Listen idiots!
He and his management team will continue, these guys are sailing the company under very harsh conditions. And thats why you still have a job!
I don't expect you idiots understand that though. So sit back on your fat asses, watch and learn.
Craighead ran PP into the ground? The price of oil ran PP into the ground. The oil & gas industry is responsible for its own demise. Fracking killed the goose that laid the golden egg. The BHI HAL stock price differential was due to some folks holding out hope the deal would get done. The BHI stock price was tethered to HAL's. When the deal blew up the stock prices started moving independently. BHI was a crapily run company before MC took over. He sure hasn't done anything to change that.
The shareholders should be asking Craighead why he installed a leadership team who knew very little about the industry. Was the sell-off part of a long term plan on their part ...it would certainly explain the poor performance, lack of operational foresight and absence of business strategy. Criminal? Arguable?
Dave Lesar did exactly what he should have done. This deal doesn't make sense anymore from Halliburton's perspective. They're paying $35B for a company with a current market value of half that. Halliburton is literally better off paying the $3.5B penalty and walking away. However, Lesar can't do that and save face with his shareholders. So he's getting his buddies in the DOJ and EU to do it for him. Halliburton will contest the $3.5B on grounds that Baker didn't do enough to appease the regulators. Lesar played this absolutely perfectly.
Craighead will not stay. If the takeover happens, he's out. If it doesn't happen, the shareholders will blame him and he's out. What's he culpable of? Aside from running pressure pumping into the ground, and creating one of the most dysfunctional businesses I've ever seen from the inside, there was a 30% share price differential between Bhi and Hal up until a few weeks ago. Now there's a 10% differential - a much crappier deal for BHI shareholders, and a much better deal for Halliburton. If it could be shown he's complicit in reducing this differential leading up to close ( isn't that a coincidence), I think he would be criminally liable to Bhi shareholders.
Crackerhead will stay. Baker Hughes doesn't have any scruples they just screw the employees. The whole management team needs to be terminated!
I don't see what Craighead is culpable of. Any publicly traded company is for sale 365 days a year. Would a hostile takeover attempt by HAL have been a better path for BHI? Lesar on the other hand has some explaining to do and I don't think many folks think he'll survive this debacle.
The whole exec team will be gone.
It only depends on the stock performance
No chance. He will leave with his money and laugh at the suckers who drank the cool-aid!
I vote he stays.