Large number of engineers leaving CHK this month and the incompetent management staff are caught with their pants down. Attrition for talented employees has been poor for a while now. Finally people are realizing the grass is lush and greener with blooming flowers on the other side. There’s not much talent left so any retention package would be to maintain the employees that thrive and breed in toxic culture. If you are a young engineer and you have ambition, leave now before you pick up bad habits.
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If I wanted to get most of my money back, I would stop throwing money at non-core assets with limited running room. So sell while prices are “high”. Find the cheapest and most loyal options to keep the machine running. Retention bonuses for some and strategic placement in core assets. Build enough running room and inventory in core gas assets to keep benefiting from high gas prices but get ready to merge or sell. If I were an employee, I would play nice in case I need to find another home. By the sounds of it, I’m bound to have an ex-CHK employee anywhere I go.
What do you think is gonna happen once all the cr---y oil assets (read STX and BV) are liquidated pennies on the dollar?
- CHK becomes the most successful operator in the shale gas patch;
- TimmytheBeardz converts half of the Marcellus land into a massive pigeon farm and pigeon racing training facilities;
- The current CHK’s owners (read: banks) will keep milking the high gas environment for another 12-18 months, and then sell at peak to major like XOM or so, determining the final mass layoff of all poor souls left in N Western Ave.
The departing talent is just reading the tea leaves. When the company hires an inexperienced, arrogant and technically deficient yes man as their EVP; you know the future is grim. That decision was not a long term strategy, but rather one that serves well in the present. A short present to be sure.
And the company will do just fine without the entitled dbags
You know it’s bad when your reward for hard work is a breakfast sandwich.… it’s going to be fun to see what story gets spun up as a justification. Pretty simple, you leave because you can, because a breakfast sandwich is not an insensitive to stay, and because mgmt thinks their job is to paint a happy picture instead of doing the hard work. Let’s see what poor souls fill up the spots at a discount compared to market….
I would also add, leave now before the next downturn.
The bankruptcy was brutal, but the expected next downcycle will be lethal.