MRO started the year with 2,400 employees but ended the year with 400 less. Quite the continued fall for a company that once was a great place to work. If there is one constant under current management it this: shrinkage.
Shrink assets, shrink income, shrink stock price, shrink head count, shrink office space, shrink everything...except executive compensation! Hell of a plan.
You will be blocked!
Well, let’s give the executives a break! “Light in the Loafers Lee” specializes in sports cars, keeping his distance from the employees, and corporate gobbledegook. You can’t combine that set of traits for anything less than $20 mill a year.
If you don’t lay off a bunch of less attractive (older guys and ladies) technical people every few months, you can’t tell the board that you’re fighting hard to keep the nickel-dividend in place. One thing you can count on though— if you’re a cute guy or girl and can laugh at his jokes but not at him, you’ll be there until the stock goes to 25 cents. That should give you at least another four to six months.
The fact that Tillman has overseen a precipitous drop in stock price, assets, and staff over the last five years has never dented his own self-image... and he seems to have some sort of compromat over the board members. Nothing else can possibly explain the fact that he’s still CEO.
Look up his March 10 interview with the media. Layoffs will start immediately, and he cares about the great majority of employees about as much as he would a kitchen sink full of c—roaches.
Check the Houston business journal. Article from 4 days ago about MRO headcount reduction.
Curious, how are you finding the count? (2400 to 2000)
I do wonder if management/HR think we don't know that people are getting laid off?
The best part is we're hiring for the same functions that are seeing layoffs! While the execution is as ham-handed as I would expect from a company like Marathon, the motive is clear - get rid of the experienced workers and find some young paper pushers on LinkedIn willing to work for less money.
The way they lay people off slowly and quietly all while thinking no one see what's going on even though everyone does is disturbing and causes uncertainty amongst employees. Do it all at once and get it over with instead of every week causing people to wonder when they're next. Not good for morale.