Lots of IT people cut in Columbus
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I worked in AEP for nearly 20 years. Management did make mistake by promoting inexperienced supervisors to managers and managers to directors.
The experienced supervisors were left behind, which did not set a good example for the other engineers.
To replace an experienced engineer is not smart because 20 years of experience doesn't in a short time training an out of college fresh engineer.
Keep experienced engineers to train fresh engineers.
Or I could just quit and go find another employer that pays better and is smart enough to use Remote as a way to attract valuable talent. Oh wait, I already left.
You will respect me or you shall fear me.
The ferals built AEP's infrastructure and we keep the revenue flowing. The dandies siphon off far more profits than they are entitled to because they cunningly keep the ferals divided so their greater numbers do not prevail in their quest for shared prosperity. The dandies have overplayed their hand and it is time for the ferals to put them back in their place. The dandies fear confrontation and getting their clothes and hands dirty and we fear neither and that is why the revenue keeps flowing into the corporate coffers. The dandies have foolishly diminished their numbers which gives us a greater numerical advantage and we demand compensation for our unjust mistreatment at the hands of virtue-less, self-serving vainglorious superfluous dandies.
Cooks leadership should have no problem adapting to Bill's style. They enjoy tsking money "bonuses" away from employees. Most of the leadership there is rich, and they are mean. Failed there way to the top, never having to take a risk, because they already had a ticket to success or money to fall back on.
With the departure of Ms. Donna A. James from the AEP corporate board an opportunity to allow employees to elect a stakeholder representative to the corporate board presents itself.
It'll be interesting to see how many people leave after the payout.
The other thing I'm waiting to see is if Iron Bill will let the other shoe drop and require remote employees back in office. He might be waiting to see how many people leave next month before rolling that out. As far as I know there's no legal reason they have to let remote employees continue to be designated as remote employees.
If new hires are leaving after a short stint and that's part of the high turnover rate. Looking ahead with the long tenure folks leaving, that is not a good combination. You have knowledge leaving with no replacement that accepted the knowledge. We could be in for a number of bad years. Response times are going to go through the roof across all departments. Good luck getting a hold of someone who knows what's going on, let alone that can help. To be honest, if you have 40 or more years in with the company and your at least 56. You have 96 points for retirement, I can see staying until your 62 if you want to collect SS early but I'm not sure I would. I know there are a lot of other factors but if you're 62, have 96 pts why stay?
If there is high turnover it's because new hires aren't satisfied with their employment and seek other opportunities.
Hmmm now what is something we could offer to employees that is highly valued by them and costs the company basically nothing
I have witnessed smug supervisors and managers get what they have coming to them and it is not pretty but extremely satisfying. Most don't have what it takes to do the job and that is why they became supervisors or managers. Then they assume an air of superiority because they are no longer in the trenches taking the risks and facing the dangers of frontline employees. It is immensely satisfying to see that air of superiority vanish in an instant when reality bites them hard in their assinineness. If they are going to treat us like dogs, we might as well be wolves.
See the earlier replies about the ICP on how to calculate the amount you'll get. As for how it is calculated, search aep now for articles on it. You should find a number of articles over the years on it. The employee handbook also has it
Wow, 11 signatures on change.org. How will they ever survive this?
I’m fairly new to the company and haven’t received an ICP payout yet. Can someone explain the difference between the ICP scorecard of the past and the new one under Bill?
Stakeholders give AEP its identity. Underestimate their value at your own peril. If stakeholders feel their contributions are undervalued, AEP"s identity shall suffer. More employees shall leave and the cohesiveness of the team weakens until their is no longer a team and collaboration will be impossible. We have already witnessed the impact of stakeholder trauma in the rise in accidents and injuries in 2024. Veteran employees have stopped investing in the "next generation of AEP" because of so much turnover, trauma and occupational exhaustion. Why invest time and effort in new hires that will not last a year? When the last of the legacy employees are gone AEP's 1st Century identity will be lost. Good luck ever enjoying the dividends of that level of commitment ever again.
Change . Org, really. You honestly think Bill is going to worry about some stupid petition on there about people not wanting to go back to the office. I don't want to RTO but I get my paycheck from the company. They tell me to be in the office, I'll be in the office. I may not like it but I don't like the smell coming out of the bathroom after lunch but I put up with it
https://chng.it/ryHD2w5rjN
There were quite a few more severed yesterday within AEP Ohio. Not sure if they were performance based or what. No explanation given, managers claiming they had no idea they were even happening. Crazy, everyone’s focus is not on the task at hand and no one feels safe.
$14.33 MILLION FOR ONE OLD ANGRY MAN that is cutting anything and everything to justify his own payday and those just below him bow down and lick his boots.
Remember this when you are stuck in traffic every day only to join Teams calls all day
Remember this when you get more work to make up for people that leave with no more pay or appreciation
Remember this when you can't sleep at night and wake up in a sweat and panic
Remember this when new health issues start presenting themselves due to all the continued stress from the lack of information, or slow leak of information
Remember this if you are a customer and and customer service still falls very short of what you think it is going to be when people return to office, because the call center employees are STILL going to be at home
Remember this if you are rate-payer when your bills still keep climbing and you wonder why.
Bill Fehrman, the CEO of American Electric Power (AEP), has a base salary of $1.5 million per year, according to a U.S. Securities and Exchange Commission filing. In addition to his base salary, Fehrman's compensation includes:
A short-term incentive that could be up to 155% of his base salary
A long-term package that could be up to $10.5 million
$3.15 million to offset the sign-on bonus and short-term incentives he forfeited from his previous company
$4 million worth of restricted shares
Fehrman's compensation could total as much as $14.33 million.
Immense wealth derived from human sacrifices upon the altar of greed has a very distinct stench. It is like the odious smell of rotting corpses on a field of battle. The enhancement of immense wealth requires an equally immense sacrifice by someone other than the immensely wealthy. To remove the stench from your nostrils you must disperse the source. Thus requiring the re-distribution of immense wealth to diminish its immense sacrificial stench. Taxation and thievery are two very effective air fresheners just ask Teddy Roosevelt and Robin Hood.
I think they're walking a fine line with the payouts. They want the benchmark low enough for us to think it's possible that we'll get something each year but not really. Or they'll set it at a level where the payout will always be in the .2-.3 range so the amount for the average employees will be a few grand. Nothing that will break the bank but enough to say they hand out a bonus each year. I personally think this will be the last year over .5. I think from now on it will always be under .5
I just don't trust the ba----d.
Is it me or is AEP just flipping the calculations around for ICP? David Ball makes it sound like these calculations are just out of knowhere each year. Also pretty sure Bill probably wants our performance expectations higher and higher to were our ICP is impossible each year. Our companies juice is near gone . How much more they want?
The way the icp is structured it feels like a lever for management to pull to manage earnings. I can’t remember the last time AEP beat or missed eps targets.
I hate when people like Bill play games. Come out and say, we're doing away with the bonus and let the chips fall where they may. It will be another nail in the coffin but at least every one will know where they stand. For the vast majority of us, we have zero impact on the eps, we really don't. If we do our jobs and complete all of our tasks on time and on budget, 2 -3 months of cool weather or mild weather like the guy said earlier, no bonus anyway. I would be better off if they keep the medical and dental premiums.down than worrying about a bonus that I'm not going to get every year. Nothing more than bait and switch. Look you have a "chance" at a bonus but we set the bar so high, you'll never get. So in the end, if asked, I'm just going to tell people I get a salary, 401k match and a cash pension and that's it If the company does well, fine, it the company misses the eps, that's fine with me as well. I don't have control over it anyway so who gives a f..k
No point investing oneself in this type of employment. Find a side hustle you enjoy and just walk away when the income sustains you or you have the opportunity to work for an American Company instead of a Chinese hedge fund sweat shop.
Not nearly enough 'water cooler' discussion on this. Your bonus with the new formula applied would not have paid out anything for the past 2 years.
A cool summer or warm winter and you get nothing. Seems legit.
If by some miracle, TCS were to be let go and IT functions brought back in house, would that mean Therace days are numbered? Her and her cronies only have one pitch, out sourcing. They have to have TCS to blame for their ability or lack of to run an IT shop.
I just don't see Therace being able to deal with the actual effort it takes to run the shop. I think she'll be over her head.
Heck I might even come back to AEP to have a front row seat. NOT!
I love my new gig, all in house with true support from management. They actually have real feelings for people. I check this site out every now and then to see if things have improved, sad to say it doesn't look like it Sorry guys, it is better on the outside. I will say, it did take me about 4 months to get this job. If you do leave, have at least 6 months of money to carry you
Bill F showed slides last week that residential electric bills have doubled over the last five years at AEP Ohio and our other OpCos. Didn't we cause those rates to go up? Didn't we argue before the PUCs to raise those rates? Wasn't Julie Sloat fired because we didn't win big enough rate increases? So Bill wants us to lower rates while increasing profit - but our profit is mostly tied into our rates.
However I do agree with him that firing Tata and bringing IT back to America would be good for the company.
I have never heard a CEO say they need to 'reduce bureaucracy' and that rates are 'too high', and in the same breath say they want an office function 'in-house' and in office.
To train and hire in-house staff to replace that many contractors, without the whole thing costing more than twice as much, you would have to stop matching, stop pensions, flatten management down to almost nothing, and slash pay grades down to dust. The internal video statements don't match the external investor comments. The math only works on one of those.
I love how Bill put out that productivity chart last week during quarter meeting talked about the span of 5 yrs and then said I didn't look at the results the years before. (Before remote) . Like what?! This dude just wanted us back in the office for no reason did he not consider our rent, housing availability if we got to move , gas, time to commute, loved ones we watched during remote or saving whatever money we have to move back within 5 months?!!
I'm generally optimistic, I look at intent from the person and will assume it's meant to be good. However, the last few years at AEP has tested that to my core. I don't feel like anyone above the first line managers have anything but evil intent now. It could be from not having my back, doing what's hard, not necessarily easy. Doing what's right, now what might make waves.
When I ask for a hand up, I don't mean with a kn--e in my back.
The higher you go up the chain, the worst it gets. Nobody wants to put their job on the line so she it rolls down to the rest of us We're left picking up the pieces.
I actually hate this place now, I really do. When someone ask me who I work for, I tell them I work at Ahole Electric Power.
We the employees of AEP wish to inform our customers that a hedge fund tyrant has assumed control of our company and we are enlisting your support in deposing said tyrant at the earliest available opportunity. What once fraudulently appeared before us as a man shall be reduced to meat and bone.
Multorum inferiorum avaritia superiorum virtutem non subiget.
The sad part is we all know Bill is only a temp CEO. Maybe 3 years max, I'm thinking around 70 is when he'll leave. Even for a guy with no hobbies, how much longer do you really want to work? How many millions are enough? He has no long term ties to the company. It really looks like they bring him in to make all the nasty cuts and then leave. Bring in someone young, say around 50 and have them take over for 10-15 years. All the will be on Bill but the new guy won't change a thing.
I WILL see you at the office.
I WILL make tedious small-talk about the weather.
I WILL linger about 10 minutes longer than is comfortable.
I WILL loudly talk on my headset while you are trying to concentrate.
You WILL smell my lunch heating up in the microwave.
I WILL be occupying the stall at the worst possible moment when you have to go.
Bill is a gd genius. This is the kind of hard-nosed, old-school, tough thinking that we need. The pajama party is over.
How did everyone like your new pay cut, i.e. 2025 bonus targets? Based on the new criteria if they would've implemented those changes last year we would not have received a bonus payout for this year. And this was AEP's best year for EPS! We missed the midpoint of EPS guidance by $0.01. It's all by design. Bill said it on the employee quarterly webcast you just didn't hear it. The plan is to increase EPS. One way to do that is by reducing O&M. That's me and you. Make things so miserable that the tenured employee leaves. Replace with all new college grads as he stated on the call. This accomplishes many things to reduce O&M.
- Eliminate bonus payouts/O&M - done
- Reducing tenured employees with higher salaries lowers compensation/O&M
- Reducing tenured employees reduces pension contributions/O&M
- Reducing tenured employees reduces 401K matching contributions due to lower salaries/O&M
- New graduates are less likely to contribute to 401K so less matching/O&M
- New graduates are more likely to stay on parents' health insurance until age 26 so reduced company health insurance contributions/O&M
- New graduates are less likely to have families so reduced company health insurance contributions/O&M
The benefit to the tenured employee that stays:
- 5 days in the office work week
- no bonus
- you get to train all of the new kids
- get to work for a CEO you trust and have full confidence in
- office morale will be off the charts
Stay safe.
@1rae+1qB6FXi3 there should be a k or s form that was submitted on it. Yahoo finance should have them listed or MSN Money, just search for AEP.
I didn't buy I've seen them over the years for when they do anything that affects the stock.
For those mentioning parking, the situation is dire at 1RP with a certain sociopath parking in the middle of two spaces daily. Who would do such a thing? Another great question for Ask Bill.
Did anybody see an article last Friday where AEP filed with the SEC for a $7.5 billion capital raise? I thought that usually hurt the stock price, but I doubt the board would do anything to risk Carl’s shares.
It might be better if you pay for parking and just stay in the garage. Just remember to move your can everyday. I slept in my car overnight because I didn't feel like driving home for a few hours. Nobody bothered me but I did see one of the guards for a walk thru but he didn't see me.
If you snore that might be a give away or park on the top floor.