Lets see the current sentiment towards NOV management.
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8 replies (most recent on top)
The success of NOV should mirror the success of the management which ultimately has an affect on the SP.
The votes are unanimous ZERO confidence in NOV management.
Well said, start cutting the senior team and close down operations where cost is too high.
Get the right people in the business without historical knowledge, baggage or appointed by their buddies, just good people who know , and are allowed to dot their job, its the last chance folks
That last comment hit the nail right on
There are plenty good people in NOV however the buck stops at the top and the company results speak for themselves.
Storms, Corona, Downturns etc. can’t always be the reason (excuse).
Cutting headcount to reduce cost to make a profit doesn’t work either because the loyal end up wearing lots of hats which is not good for them, the business or the customer. Never mind the fact that VP upward fly business class and the cost to do that in a year vs economy plus would in some cases bring up salaries for their entire team.
Add to that the fact that pay rises need to be approved by such senior management for existing staff (and tend not to be approved) the only people who earn near market rate are new starts.
When you know the good people (many of them in very senior positions) are just keeping their head down and mouth shut to see their time out, something is very wrong.
NOV is a massively top heavy company with too many of the second/third/fourth in commands being yes people.
Lastly, the company is structured for a 60000 person business for a decade ago. Duplication in NOV is rife, FFS reorganise it and cut out the ludicrous amount of VP, SVP and President positions!
If any business units reported losses like this for even a couple of years, he would force the segment President to close that business unit down and start consolidating businesses. Corporate hypocrisy at its finest.
This article is old …from 2019, but everyone knows things have only declined since then.
https://www.chron.com/business/energy/article/NOV-to-lay-off-employees-suspend-operations-at-14875856.php
Scroll down to the last sentence of the article and you’ll see: “The company has not made an annual profit since 2014.”
How many billions can a corporation pi-s away before the board says, “Shut it down.”
The optimism expressed by the leadership is nonsense. It comes from people who are paid a quarter million or more per year. If they can get enough people to believe their BS then they continue to get their paychecks even without profits.
Safety? …got it.
Diversity? …got it.
Inclusion? …got it.
Equity? …got it.
Profits? …well, you’re doing a great job and the future at NOV looks very promising.
No confidence.
Um …let me see.
The last time NOV reported an annual profit was 2014.
I’m gonna say: No confidence.