Has anyone else heard the rumors of VH retiring in 2023 after a transition period? A little surprised at the timing based on good relationship with Buffett. But based on the average age CEOs retire, it would fit that timeline. Will be sad to see her go. Company is moving in the right direction for once.
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$90 oil can cover up a lot of incompetence.
Didn’t layoff bad performers in 2015? Not true! I watched from my office as security escorted many coworkers out of the building from two different floors. Wouldn’t even let them get all of their belongings. They do it so quietly that you never hear about it.
It’s true. Didn’t you see her “Retiring within a year from Oxy” post right below this one?
"You still need a lay-off to weed out the non workers. " Oxy didn't get rid of low performers in 2015 when oil prices tanked. That was the perfect opportunity. I'll believe it when i see it in terms of "weed out". I feel like people's jobs are general safe at this point. Safer than regular non-O&G folks.
I think the Fed just put us on a course for a tighter economy if not a recession. Powell is saying we should expect 5% unemployment and higher interest rates to pull us out of this inflation. I think we will at least WFH two days a week, but that might just be wishful thinking on my part. Things get bad enough I doubt anyone will complain that much about working in the office for fear of being cut.
You still need a lay-off to weed out the non workers. Then get the workforce back to the office 4 days a week. Don’t worry about technical G&G and engineering people leaving. These people will stay and the other support functions you should not care about. Management should soon be chanting “Four Days a Week” or “Let’s Take Back The Company” to the workers as they get off the escalator in the morning.
How long have you been with Oxy?
If she decides to leave, I'll certainly wish her well. But I've appreciated her leadership of the company and will be sad to see her go. She managed well through a couple rough downturns and fought for her employees against short-sighted suggestions to lay off big percentages of the workforce (unlike most other companies in our industry).
It is always better to go out when one is at the top of their game. For VH she is at the top. Why shouldn’t she. VH is still young enough to enjoy her money and take part in outdoor activities.
I am for her staying a little longer. Things are panning out after the APC pruchase. After being involved in a portion of the integration it takes years to get thing transitioned, and that has really opened my eyes to how intensive transitioning is. For us to be where we are after three years is great. There is no doubt we took on too much debt, but it is paying off now for sure. Paying down debt has been going well and the APC people I work with have become great co-workers. The GOM guys especially bring in a lot of experience on the operational side that has made the transition work. Covid was out of the blue, and to of made it where we are now after going through Covid is amazing. I thought we were going to go down the tubes during Covid and the lockdowns, but we have made it out the other side fine.
She also deserves a lot of credit for seeing the Low Carbon Ventures endeavor as early as she and the other executives did. Oxy was way ahead of the curve seeing the value LCV would have in the current poltical atmosphere we are in. That was just a great call that was made when they went the LCV route. If she does retire she can go out on a hign note and never should feel bad about the APC deal. It takes a lot to be a leader and she has proved to me she is one of the best leaders I have worked around.