The annual total compensation for fiscal year 2017 for our CEO, calculated to include all elements reflected in the Summary Compensation Table was $8,687,476 and for the Median Employee was $108,458. The resulting ratio of our CEO’s pay to the pay of our Median Employee for fiscal year
2017 is approximately 80 to 1.
"Our destiny is wrapped around our people." - Bill Way
should read:
"Your destiny is your fault. You hired me, a--hole. Thanks for the paycheck and the house in Malibu." - Bill Way
Sounds somewhat biblical - is it knight or night
... but do tell more prophesy
And out of the west a white night has appeared
I know of whom you speak and you can speak all the ill of him you want, but what he does is truly genuine and actually helps people directly. He has no desire to stay in a job if there is no work to do. He continues to do his level best at work and does the bulk of the charity work during his off hours. I only hope to have the stamina and passion that man has when I am that age. Stop fixating on him and make sure you are doing well and everything will work out.
The villain ..low gas prices which comprise most of Swn revenues, EXPENSIVE and uneconomic shale play wells and the contraction in many bloated companies.
What locations will be hit the hardest? Rumor has it to expect a 35 to 40% reduction in staff.
Layoffs on Thursday May 10th or 17th?
A think an overlooked "villain" in the SWN tragedy is Catherine Kehr, someone pointed out that for at least 3 years she has written the annual report. Comments I've heard, is that the overall strategy has been hers since Mueller was forced out.
Apparently she has a view that the oil and gas subsurface is like real estate, and you dont need to acquire additional assets, just improve the ones you have. Works for awhile, but could explain the desperation I hear from those planning and implementing the drilling plan that "real" "economic" locations are rapidly running out , especially at current gas prices.
Lack of location means lack of jobs .....
Another option is to start a charity ; run it full time ; get high end salary and take a job that someone laid off could have used .
Then ingratiate yourself with upper management so they would not consider laying you off or even encouraging you to retire .
One-half gone is better than all gone. Is anybody surprised? The weather up North won’t be colder anytime soon. Either hang in there for severance or find another job! Also, for those eligible, leverage the “Me Too”! What the heck.
I have heard that the usual reductions by the consultants are statistically between 15 and 20 % ... I’m in Houston office .
If we sell Fayetteville 1/ 3 about are gone, the cuts target another 20% of 66% -about 13% ... I’m concerned that by the end of the year 1/2 of us will be gone ... any thoughts anyone ?
What is status of this class action securities fraud lawsuit?
https://www.plainsite.org/dockets/338k02c2f/texas-southern-district-court/st-lucie-county-fire-district-firefighters-pension-trust-fund-v-southwestern-energy-company-et-al/
Hey, count your blessings. Does the CEO have small hands? Is he colluding with the Russians? Anyone named Stormy giving him grief? Have his attorneys been raided by the FBI?
These guys are so arrogant that they will actually take selfies while their hand is in the cookie jar!
Relevant
Board and management should be disappointed, but no action. Way’s tenure:
SWN down 70.4% since he was named CEO
SWN down 88.7% since he joined as COO
$17.5MM in pay in last 3 years
Contact Third Point and Board (or do nothing and hope this magically gets better):
Third Point (activist in our stock driving the February announcement to sell Fayetteville, etc) —- ir@thirdpoint.com
Get Board’s attention www.tnwgrc.com/swn
Saw the “momentum” copy of annual report online —- it continues to be an oddity that the chair rather than ceo do the write up for annual report “ the board and management are disappointed” ; two board members leaving — probably due... “noted “enhancements to Executibe Leader team”
At this point , a fresh start is probably good and the recent Devon layoff announcements are indicative of what’s to come ... you know you will do a 10% — you really can’t go as high as 40% again or you look like you squandered the last change ... I would see a 15% layoff in May lor June ... and efforts to push out another 10-15 percent ... think about another 1/3 of the folks there gone and the morale of you stay
I think you have 5 years before a hope of an outcome that is positive
As someone posted earlier, this all makes sense now and explains the 80:1...
“Transcript from last BOD meeting where executive bonuses were decided:
Way: “775,240 for me, 1 for you, 1 for you.... wait, none for you, 100 more for me, 1 for you.... you give me back the one I gave you, 300 more for me... “
Way: “I hereby approve these awards.”
This ends the transcript.....”
The activist in our stock should hold the Board accountable.
They aren't holding Mr. Sunshine accountable. Board members leaving - frustrated, jumping while they can or forced out?
80:1 is a joke just like everything else around here.
Not to mention the free personal jet rides to where ever and when ever the "elete" want to go