https://www.rigzone.com/news/wire/exxonmobil_shelves_2020_bonuses-01-dec-2020-163995-article/
Employees get shafted, while our corporate executives continue to pay themselves and reap the dividends
34 replies (most recent on top)
Put yourselves in my shoes. I am very sad we had to do this. It really hurts. I need the RSU to keep my wife happy and for our kids this Christmas. They want the new Gi Joe with the kung fu grip.
They are the very best of the best and brightest, was someone not expecting them to be #winning?
Does this include the guaranteed 2-3 month bonus in locations such as MY or SG?
The middle level executives will be getting their RSUs communicated, so this communication process is happening at the same time as the layoff communication. Good news and Bad news. The Good news is that there is still enough cash flow to payout RSU to executives , AT THE SAME LEVEL AS LAST YEAR. WOODS GOT MORE RSU than last year. Keep the cost cuts going, those who survive will be better off
The RigZone article is wrong. You can read the actual SEC 8K filing on the website. But it reads: "On Nov 24, the Compensation Committee of XOM established a total ceiling of 10 million shares in respect of 2020 to be available for grant under Corp's 2003 Incentive Program....... of which awards in the form of restricted stock were granted to:
CEO 205k units, and his top 4 lieutenants will divide an additional 350k units."
These shares were already purchased by the company earlier in the year ($400M share buy back in ~March)
The executive compensations listed above are the same as last years bonus.
So I read this to mean, the corporation could award bonuses in the same magnitude to the same people who "earned" them last year, up to 10 million shares.
they collect dividend on their RSUs even though they are supposed to be "long term" incentives.
Crooks and liars
The only way we were going to keep our bonuses is if we terminated you. We have families to feed and house and we maintain a very high standard of living that we are not willing to sacrifice. Terminating employees makes us feel bad and our bonuses well make us feel better. We retained most executives because they are our friends and they follow our commands. Next round of terminations will be in March, which will provide us with pay raises. We are winning and we are all in this together.
This is looking more and more like General Electric
from @jll+18d7xKkk
Not to mention the "largest write-down in company history" only wrote down stranded gas assets that we should have written down 10 years ago after natural gas prices crashed. They didn't even write down the value of any Kearl or other high-cost upstream assets! 8K disclosure: https://ir.exxonmobil.com/static-files/7a03cd47-cc4f-46b0-984e-db6c2d6e4f0c
SEC should investigate. #Enron here we come.
@zff I finally understand the #NobodyGetsHurt slogan now! We are all Nobody, so we all Get Hurt!
Full details are publicly available on SEC filings website
Beneficiary Number Value Membership
Woods 205 000 7 995 000 MC
Swiger 99 200 3 868 800 MC
Chapman 95 800 3 736 200 MC
Williams 85 100 3 318 900 MC
Duffin 69 300 2 702 700
Rosenthal 61 200 2 386 800
Mallon 55 000 2 145 000
Wojnar 49 500 1 930 500
du Charme 44 500 1 735 500
McKee 44 500 1 735 500
Spellings 42 100 1 641 900
Morford 42 100 1 641 900
Carr 31 400 1 224 600
Littleton 24 800 967 200
Is this what #winning looks like? Guess it’s good to be King 👑
They sleep really well on their piles of money.
#NobodyGetsHurt except for nonexecutives. They can be hurt all the time and that is ok.
Well they did set several firsts
- first time PIPoff of new hires after telling them they wouldn’t be ranked until their feet were under them
- first time loss for three quarters in a row for many years
- first time 20 billion dollar impairment
Etc etc
What would it take for them to not be rewarded? How low is that bar set? Unbelievable
They will soothe any remaining shred of a conscience they still have by hiding behind their precious benchmarking studies.
May God have mercy on their souls. I do not.
The road to hell. They are well on their way.
The moral decline of the USA is in full effect as evidenced by the actions of these disgusting few.
Oh this is so hard. Maybe I will feel better if I pay myself a big fat stick award.
I was once proud to work for this company. #NowIAmAshamed
He who makes the rules gets the gold. #GoldenRule
We will get through this together indeed! #WinningInIrving
Didn’t they get the case for change lecture?
Management continues to exempt themselves from taking any responsibility of making any changes.
Spare us your false expressions of solidarity and empathy.
No words can describe the anger I feel reading this.
Sad state of affairs. So now we know the dividend is safe for another quarter!
This company is officially dead. How can they expect anyone to listen to them if they continue to behave like this.
Wow. Could yhdd ex timing of that announcement been any worse? What a bunch of tools in Irving.
Someone’s lambo needs to be keyed
No longer the company I hired into. How do they sleep at night?
Confirms what I have long suspected, They are all psychopaths.
https://www.forbes.com/sites/jackmccullough/2019/12/09/the-psychopathic-ceo/?sh=2b50c9a4791e
Let them eat cake
Sincerely,
Your management
Same bonus as last year. Disgusting.
That’s just terrible. Do these people have no hearts or souls?