What’s going on in finance? Upstream CFO quits then a lot of mid-career hipos quit. No word from management on what’s going on
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I remember when I started with Treasurers, Bob S. showed a slide that indicated the functional headcount had gone from ~700 to ~300 in the last 10 years...can only imagine how much lower it is now...I doubt Treasurers will even exist as a stand-alone function by 2030...
Heard about 3 separate finance hipos leaving this week. Worked here 10 years and never seen anything like it
their execs are only interested to praise India regardless of the cr-p that they generate and blindly trust all the false promises. finance should stop fixing the mess created by India and let all the problems be exposed
@13h yes this is possible.
I know several people that had their cl lowered from 25 to 24. The pay stayed the same but with them being so high over the paygrade they won't get raises for 10 years.
@13h Pay stays the same. No salary increases for the foreseeable future.
Lower RSUs. And no cash bonuses that execs get.
@g9 you mean the company lower employee's current CL (not the potential)? I didn't think that was possible? Like wouldn't that be like a demotion, what'd happen to their current pay?
@z7 examples? Losing respect how? Lack of experience? Perceived poor advice? What?
Finance rapidly loosing respect w/business in some areas. Too many young execs in positions way in over their heads. Another set of execs will be weeded out shortly.
This is true. The company does demote cl. I've seen it happen to non executives also. Think 25 or lower.
@f0 People used to be exec. They no longer are exec.
I know plenty who are working to leave in the next 1 year.. and things are only going to get worse
Demote CL? Explain.
@dk, at $350k+ a year they'll be alright w/out another raise. No sympathy here, newer Finance employees will never see that kind of salary. The issue I have is 'regular' CL 28/29s will be competing with prior execs. On top of that we're expected to morph into strategic commercial professionals per Finance 2.0. This will systematically weed out mid-career folks, and others will self-eliminate who can't compete.
Many departing hi-pos saw trajectory flatten, more of that to come to reach 2030 targets. It takes courage to leave (which I'm working on) instead of waiting for hammer to drop. Mgmt not concerned about attrition because there are more than enough left behind desperately trying to hold on, eager to show their value by picking up the slack.
No future in finance. Currently teaching Rupee counters to count Dollars for 1/10 the salary.
Glad to see that many execs have been demoted back to CL-29. In circa 2021, the President of ExxonMobil Chemical demoted a number of CL-30's back to CL-29 because he believed that there were too many executives in the Chemical company. The CL-30's that were demoted did not receive a raise for multiple years as a CL-29.
Going to cut US finance by 50% over the next few years (or at least GBS). Cutting execs by 50% in the next couple years. They’ve already demoted a group of execs back to 29. All of the system implementations complicate thing unnecessarily and drive additional work (blackline issues every month, getting rid of Tableau and replacing with inferior PowerBI, Snowviz has errors, there is no accountability for booking errors as all the transactional work has moved to low cost countries and instead of looking at business lines they are looking at full company codes). Then add in all the normal ranking shenanigans and politics that everyone at Exxon has to deal with.
Upstream CFO was passed over for promotion, so he left for somewhere he could be the alpha dog
Others see the writing on the wall between lower potentials/fewer exec positions/massive offshoring/Polaris/new staffing model amongst many other things and making their choice to leave for greener pastures
Don’t think it’s all that complicated…
Maybe they know something you don't know.
Ok @a6
They are all getting PIP BOGO