Thread regarding Cenovus Energy layoffs

Here’s the only strategy we need: sell the DB assets for a good price and don’t rush the process. Nobody is buying CVE stock for DB assets that smaller players are better at exploiting with less overhead. Also, roll out commercial solvent application or quit talking about it with investors - it loses us street cred with the market.

MAybe now with the new CFO in place, we will finally have a decent strategy. Not the same crap they have been recycling for the last five years and getting no where. And maybe he will look at the players who drove strategy and show them the door.....

That's a good one, what about " The beatings will continue until morale improves"

Whoever did the new mission statement didn’t totally get it right. It should read:

“Cenovus Energy

If you don’t like it here, then leave”

Maybe I’ll print that out and put it on my wall instead of the lies in the new statement.

Here’s the thing if you are directing employees to do things you are a very poor manager if that’s how you get buy in, by dictating orders ie your explicit insubordination. As for your implicit insubordination and not supporting company strategy well that changes like the wind direction at Cenovus so it’s pretty hard to get buy in on that one.

Explicit insubordination is employee not following direct order. Implicit subordination is not working hard to support company strategy. Guess folks don't read adjectives and adverbs. Minds are clouded by emotion.

Cve will eventually control all employees thoughts. Take the green pill

Insubordination? Dude. This isn’t the military so get real. CVE does not own employees nor control their thoughts. Dear god if this is CVE mgmt commenting like this I truly feel sorry for all CVE employees.

CVE rules...no raise for you!

Please elaborate.

"Insubordination"?! I dont know you think you are talking to, we are no DZ, JA or any of the other "let me wax your shoes and give me a position" types. This company pays me for my time, they didnt buy me. Most of us improved the company with our time unlike you who burned it down with yours. We all know that most of the management other than AB and HC own any shares in any substantial sums. Looking at the share price I know why they didnt buy any, and looking at the same price i know why not a single one of the old guards should be around still (but they are and so are you). Unfortunately, the board is just as incompetent as the last CEO. Interestingly they also didnt buy any shares, coincidence? . If the shareholders want value they should replace all of you guys with your 10.5 $/share performance. Can we have a round of applause for these guys please, I mean that must be difficult to achieve, our share price at 65$ WTI is substantially lower than when WTI was 26$, congratulations! Oh before you talk about the discount let me shut you down and say even with the discount differential that performance still doesn't make sense. "Easy to correct you" you are a joke, I would not hire you to manage a girls scout cookies table.

Ceo doesn't perform, then shareholders decide if new one needed, not the employees. If ceo has employees unwilling to follow strategy and creating bad atmosphere, ceo needs to get rid of them. You have it backa$$wards. Too easy to correct you.

The ceo is a good leader with right strategy. Employees need to support that. Employee insubordination, whether implicit or exp!icit , is unacceptable to shareholders because the ceo sets direction.

Things won’t change unless people like Big Z leave - did anyone see his little rage fit at the Friday townhall? Very professional. The new CEO seems like a straight shooter but he needs to clean out a few names at the EVP and SVP level.

I disagree with that last post. To say that you should not criticize because you are not changing anything is a really weak argument. We will make a change. At the end of the day if the employees push for a change in management, the shareholder will also push for it eventually also. The performance of the company is reliant on the employees and very little on the management. It is in the name "management", if you are incompetent in managing and have no support then you must gooooo. So nice try! I am guessing you are one of the management members from how weak your argument was and easily it was taken apart. Only sheeps follow without thinking, intelligent people follow true leaders, and if it is not then they push for a change or replace the leader. Simple as that. That is what will happen in this company.

If you don't like the decisions, then leave. Saying that because you are control of your own destiny; you really are.

If you don't make a change on your own, then you are no better than anyone else and have no right to criticize, but you will criticize anyhow. If you stay, then you are simply protecting your position same as those you criticize.

Venting on this board will only reinforce your negative attitude and you will get more miserable every day. Go be happy or stay, but be happy (or leave, leave, leave).

Give it time. He has to use what is available in the meantime. Managers need some time to get a sense for things. Could be very different a year from now. Seen it at other companies. If things are better for a shareholders a year from now, then made the right decisions, even if you disagree with them.

Well i would have believed what you said if Alex cleaned house. Instead he promoted the worst of the VP group and in turn they promoted all their friends below them. We are back at square one with another CEO. He is just as incompetent as BF really, same decisions. Let people go then promote the people that got us into the mess. And if he does not get this company back in order ( and he wont, unless oil prices save him) he will be thrown in the street by the shareholders soon.

Great post

And I’m no paid for HR goof, just being realistic.

Look at it through his lens. He is all about the shareholder and he’s been honest about that, and to be fair no shareholder has made money off this company for years. Shareholder not making money means no investment in Cenovus. Some due to market and some (lots) due to poor mgmt. Realistically as an employee you have to ask yourself do you want to stick around for a few years of pain, it won’t be pretty the next few years if mgmt is honest. But it’s a choice each of us have to make. Alex isn’t going anywhere so you can either work for him or not. Your call.

Yeah I think Alex and the rest of management should be let go first, then we could worry about the other people. Bitter or not, this company was made by the people and not this management. The shareholders should trust those who built the company and not those who destroyed it with terrible financial decisions. I honestly don't trust Alex, he is a good talker but his decisions so far have been just to cut people, which might be OK but what about the management that got us here? they were all almost promoted. This is all that matters people, he is lost, wait and see he will be just as bad as BF in the long run. I called it.

Better to force people to decide without an incentive pushing them one way or the other. Then they make the right decision for themselves. If someone doesn't want to be there, they should move on without the company paying for their unhappiness. If unhappy, maybe they should pay the company an incentive to let them stay?

It would be interesting if Alex actually announced packages are available for those that want to leave. No hard feelings, no bad experience, or anything like that, just a simple if you want a package please email HR and we will set you up. Detail like Shaw did what the package would be (roughly as each is unique) and let people decide for themselves.

That is the right attitude. Bitter folks should leave and those that stay need to help themselves by being positive and contributing. Otherwise it is a miserable, degrading, drawn out day at work and nobody wins. Not you, not the co-workers, and not the shareholders.

In the end, shareholders are paying good money and benefits and deserve remaining employees that deliver value. And yes, it is shareholder money.

Going forward it's about delivering to shareholders regardless what happened in the past.