So much for Corporate Separateness when the Imperial crude oil trader role moves to Spring. What BS
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Payroll, payable, cash management, NCIB or stock buyback, pension accounting, pension fund management and numerous other activities were ported offshore. No one said boo! Yet we have highly paid executives in corporate doing what? Oh, yes, checking in with Exxon or running things by them. That takes a lot of skill.
What Board of Directors would sign off on giving away your trading business? Calgary is trading hub for Canada, and it makes zero sense to shut down a profitable activity in Canada and ship it off to an affiliate to operate. IOL shareholders should be very concerned when the Board is signing off on stuff like this that effectively transfers profits from Imperial to Exxon.
Quite a few of Imperal's crude traders ended up quitting and joining Canadian banks at a much higher salary.
Lurker here. Why are you all surprised...all high impact roles will move to Houston. All high labor roles have moved to India. All that's left behind are site skeletons, and middle management who will serve out their 3 years and leave for greener pastures.