Rumor from HR is that since the company is now potentially in terminal decline, they are trying to figure out how to rejigger the exec compensation. Stock related awards won’t work anymore since the stock will go perennially down, even after mergers like Noble.
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Yes of course. I wonder why I didn't think of that first. The one way that this is related to layoffs is you are right here where you belong, OP. The Layoff.com.
CVX trades in real time in the ESIP, not end of day.
So $CVX no moon?
I just sold the last of my long term hold on Chevron Stock Yesterday. Feels great to have it out of the ESIP, Now I can trade it and get out in the middle of the day, not at the end like the ESIP forces.
Cannot believe how clueless several of the posters here are. The envy ... is exceeded only by the ignorance.
Correct, the new compensation scheme moves away from stock performance and toward competitor ROCE. It will be easy for Chevron to win on ROCE so bonuses will be strong.
The 8-K also notes Pierre B has less than 75 points! How is that possible? I guess he is new to Chevron.
Read the latest 8-K filing with the SEC. It provides some insights on a revised compensation scheme for top executives, including some component based on Chevron's stock performance against the S&P 500 as well as our peer group.
https://www.chevron.com/investors/financial-information#secfilings
You'll also see in there that the top leaders got a goose egg for their raises and cash bonuses based on the 2020 performance year.
Fake news
MW has proved to be a capable strategist and businessman. He has promised the investor community that Chevron will continue to maintain/increase the dividend, cut costs, and increase shareholder value.
So hang in there and don’t give up on Chevron.
I doubt it would be retroactive, just going forward. It will be interesting to see what they come up with. Not sure what other industries do.
Get out while you can
I have stock options that are "underwater" with less than 5 years (from the original 10 year limit) before the options lapse. It's "pay at risk" ...... I think it is unprecedented that these 10 year stock options NEVER come into value, but it is a "bad move" to retroactively change the executive comp plan just because the stock price is depressed. Sometimes "cream" sours :)
troll
I hope they do something retroactively for all the worthless stock options I have now.
Rumors, rumors - just that.