Martin Craighead has taken a 100 year old company and ran in into the ground. What is sickening is that he isn't even ashamed of what he has done. He is proud of it! He awarded himself over 29 million dollars in a severance package while his employees get only one week's pay for every year that they have been there. The employees that built Baker Hughes with their hard work out in the field have completely been forgotten. They endured brutal heat, bitter cold, and the most miserable conditions imaginable just to support their families. Martin Craighead simply refers to them as headcounts that need a reduction. Any descent human being would not award themselves millions of dollars when so many families will suffer. He should offer his severance package to the employees that are going to be laid off. He is truly shameless. We tragically are even more shameless by not speaking out and protesting against him. This shouldn't be allowed to happen in this country. When will this madness stop?
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Baker Hughes is a shameless corporate fraud of a company that steals money from Retirees on mis-information and corporate alliances with charleton companies that fake you into buying their insurance because it is mandated then inform you to contact them back when a technicality if coverage causes a gap so they can pocket the money.
Martin will be set with his $44mil plus a spot on the board. Which have set aside billions of $ for incentives for the BOD. Can anyone say greedy mfer? Meanwhile brace yourselves layoffs are coming. GE loves to outsource..
^ All these people acting like "where are the good ethics?" when they're under the gun and in need. This article is retarded and so is the author. If you expected anything different in a capitalistic environment then you're dumb.
Tells his employees to prevent further layoffs that they would have to a mandatory 5% paycut to prevent any further layoffs and then 2 weeks later calls for another layoff. Wonder if he took a 5% cut of his $13.5 million/year salary. Self driven and not company driven.
Guys. Look at it this way. He will go down as the ceo that destroyed bhi. No company in their right mind would hire this guy. Hope he got enough money to live out the rest of his life. Sold us all out. What a man!
The CEOs who've decided to sell in the 10 biggest U.S. deals this year are set to rake in an estimated $430 million in "golden parachute" payments, according to a study done by pay-tracking firm Equilar at the request of The Associated Press. Translation: It would take the typical American household 847 years of work to get what the average CEO will receive in one fell swoop.
Baker Hughes' Martin Craighead: $29 million.
This played out exactly the same way when BHI merged with BJ! Every step, every initiative toward cost saving this past year pretty much mirrored what Bill Stewart did to set BJ up for a take over. It was almost as if Bill was sitting on Martin's shoulder...right up to and including the hefty payout. It really is sad that these executives are allowed to reap such an award for failure. If it wasn't for management arrogance to even be open to change...after all were we not supposed to going after break through thinking? But yet nothing ever changed. Break through thinking turned into personal efforts and goals, no system was ever changed or improved to make the company more efficient.
"cronyism in hiring..." this is indeed. i'm just wondering how BHI could go far ....Anyway,Martin maybe don't care about that.
From Yahoo Finance Message Board:
Nov 14, 2014 5:24 AM
I've worked for Baker Hughes in the Middle East for the past 5 years and I’m sad but not surprised to hear that BHI is now headed toward takeover by Halliburton. The CEO is calling it a “business combination transaction”, but that is putting gold paint on a turd. He and the rest of the company’s leadership have simply failed to execute since 2009 and should therefore lose their jobs. Too bad another 20,000 of us minions will likely lose our jobs as well, minus the golden parachute that Martin Craighead and a few others will have when they bail out.
One key reason for BHI’s failure to execute has been the seeming indifference of corporate leadership to the culture of corruption, cronyism and lack of ethics demonstrated by the Middle East Region exec team. Maybe one bright spot in the death of BHI will be the hopeful demise of this self-serving group who have always put their own interests ahead of anything BHI was trying to accomplish at the enterprise level. There is so much waste, fraud, mismanagement and ineptitude happening here. This region could have made much more money than it did, if not for really poor practices in the areas of bidding and tendering, performance management, cronyism in hiring and promotions and of course the lack of corporate oversight from Houston: people like Martin and his direct reports who never seem to question or overrule the ME region leadership’s truly bad decisions or practices.
I'm glad i work at Halliburton. word here see''''''''''''''''''''''''''
Just need one of the board members to have a courage to say "no" to this madness. After all, courage is one of the core values for Baker Hughes.
Regarding the 7,000 people layoff, Martin Craighead even stated: “This is really the crappy part of the job, and this is what I hate about this industry frankly.” But it is very hard to have the courage to keep these employees on payroll when oil price goes down weekly.
Yes he is simply heartless getting Millions and throwing pennies to hardworking people that have families to feed my yearly salary wouldn't even pay for his jet fuel Shamless piece of c@ap
Everyone would do what he did. How much money did u give to the poor?
Integrity, Teamwork, Performance, Learning, Courage, GREED
Didn't he also sell his BH stock right before the "merger" was announced?