Thread regarding American Electric Power Co. Inc. layoffs

I didn’t take the talk of the dividend seriously until I went and looked at it and saw it was greater than 4.5% yield at the current stock price. That’s significant.

It’s crazy to me they started tying employee incentives and messaging directly to the dividend. Yes the money all comes out of earnings or cash flow but it should be Customers Employees and the Shareholders. Not Customer Shareholders then Employees.

That dividend is a blood dividend now as far as I’m concerned. Because now they’re coming at the employees expense and not from the ability to make customers happy.

Therace came in and sold her vision and plan to use good employees as sacrificial flesh for the insatiable appetite of investors.

Guess what. The institutional owners and investors can deal with less of a dividend…

The second you start making moves for the shareholders in spite of the employees the management deck needs shuffled. Therace won’t last long enough to be held accountable for results of the cheap outsourced teams.

But I’m sure these three letter companies are wooing, wining and dining her and her posse feeding into their delusion that the world couldn’t exist in its normal state without them.

It’s the corporate cutting narcissism and bloodlust that AEP was actually making great strides in avoiding specifically in IT dept between 2015-2020.

Wow, the entire forum section devoted to chatter about work and job cuts in AEP, and I almost missed it.
I landed here through a shared link a few days ago. I've been checking it ever since, only to realize today that this isn't the only thread here.
How on earth did I miss that the big blue link in the headline above saying “Thread regarding American Electric Power Co. Inc. layoffs” actually leads to the forum is beyond me.
Not many threads there yet, but I have a feeling that’s about to change soon.

https://techworkerscoalition.org/

Gee, I’m hearing that there’s a lot of flu, colds, etc going around. It would be really terrible if everyone had to be off at the same time.

@5fzp+1qB6FXi3 Don't blame IT for antique software. If it was up to us, we would have replaced the software years ago. The BUs have to pony up the money to replace those systems, not IT. We're stuck supporting 8 but software that some BU says they can't live without. All we can do is shake out head and say ok. It's like time reporting systems, there over 15 different time reporting systems at one time, there should be one but some BUs will tell you that the main one doesn't work for them or for contractors so IT is left holding the bag supporting multiple time systems. So don't blame IT, look at the BUs to leave the 20th century and please enter the 21st before we hit the 22nd.

IT??? I’m sorry guys but the writing has been on the wall for awhile. IT has been horrible for the past 10yrs. Arcos doesn’t work and never will lol. Spectrum has been around for ever and barely works anymore. You want use to go work storm with sh-t that doesn’t work!
We were actually surprised that we still even had IT people available.

"AEP is an electric power company, not an IT company, so IT is viewed as an expense. Same for every other industry except for the software/computing industry itself. Filipkowski was interim head of IT for about 2 years until Nick Aikens and the board found the right person who would cut IT costs. Risch must have promised that in her interview.
The board doesn't care that IT jobs are going to India or Brazil (and they may not even know), they just want to see IT spending go down. "

Response: Yeah that makes perfect sense till we're breached, have our name in the media, and get fined more than we spend on IT / Security for years by NERC in a single incident, not to mention the actual harm that could happen to our nation's power grid. We are NOT an expense. We're the cost of paying for a dam to prevent a flood.

Pre Therace we had a really good culture at AEP. The problem was the costs weren't reigned in and there were philosophical differences amongst the mid and senior level managers that prevented the emergence of a better way of working from evolving and succeeding. Not all companies can meet the challenges of today. Therace was a bad hire that will infringe AEP's growth for years. The problem is now harder to solve when you have all of these consulting companies with their heads buried into your skin running your company with a clench on your nads. Good luck AEP. You were great during the teens.

IT and cyber security are losing so much talent because of these layoffs. I'm not just talking about the people with 10 or 20 years or more at the company who were let go. I'm talking about the secondary effects these layoffs are having. The general atmosphere in IT and cyber security now is that AEP is a sinking ship. Anyone with marketable skills is getting out while they can.

Over the past 2 months we've had a significant number of people in key positions quit for new opportunities elsewhere. And thanks to the hiring freeze and budget cuts we're unable to fill those positions. The end result is that the people who remain are overworked and undervalued which is driving them to also leave. It's a vicious cycle.

The damage that AEP is doing to its IT and cyber security organizations will far outlast Therace's tenure at AEP. But as long as that arrow is green next quarter that's all that matters, right?

I wonder if the costs they cut by letting people go are greater than the costs of all the fancy new promotions to SVP and VP they announced on the same day.

@4oid+1qB6FXi3 But costs are going up because they are incoimpetant.

AEP is an electric power company, not an IT company, so IT is viewed as an expense. Same for every other industry except for the software/computing industry itself. Filipkowski was interim head of IT for about 2 years until Nick Aikens and the board found the right person who would cut IT costs. Risch must have promised that in her interview.
The board doesn't care that IT jobs are going to India or Brazil (and they may not even know), they just want to see IT spending go down.

What came first: CEO wanting to outsource IT or Therace selling AEP on the idea for her and her posse to come clean house? Upvote if you mostly blame this on Therace. Downvote if you mostly blame with on Nick.

You assume that the management of any corporation that purchases AEP would be as incompetent as that of AEP itself. There's no way that's possible. The purchaser would already have its ducks in a row before the regulators even hear about the sale.

There is a theme in most of these comments, TR runs the CITO org into the ground with what she sold as co-sourcing when everyone knew it was out sourcing because you were told to train TCS to do your job. The fact they could sit in meetings and lie with a straight face is beyond me. TCS techs are some of the worse people I've worked with from a technical level. I'm sure it beats working in a scam call center but not much.

re: "All this was is getting rid of people who refuse to show up for work." How are they refusing to show up for work when they are already classified as remote? Most (or all?) of the IT groups were moved out of the tower and Gahanna and made remote a couple of years ago to make room for hybrid/full-time BU departments moved from locations in Gahanna, Arena Building downtown, New Albany, etc. to the tower to save money. Very few hybrid employees have been let go and they are the ones fighting/resisting coming to the office - especially because of an abrupt increase last year in the number of days they were required to be there. Things like groups approved for 1-2 days/wk or 1-2 days/month and were following that (and hired people in the past few years with that understanding), but then were told with one month's notice that it was changing to 3 days/wk for the sake of "collaboration" and with no exceptions or delays. It was a B.S. reason, and the timing was right before kids summer break and a number of parents were stuck rushing to make last minute daycare changes or sign ups for summer camps - and that can be hard to find. Pretty much everyone believes the change was due to tax issues with Columbus - and hey, you can argue AEP has to make those kinds of decisions for the sake of the business - but come on - they talk about a culture of transparency ALL the time, so walk the walk and quit feeding us stupid lies. Everyone knows that the vast majority of people were more efficient and happy about doing their jobs at home for the majority of the week - unless you think having people constantly chatting, taking long breaks at the cafe, and being in generally bad moods regarding their company for 3 of their 5 workdays is a positive development. One day per week was good for our group output - people were happy to see their co-workers and get certain things done that were better face to face. When there were new employees to be on-boarded people showed up in person for additional days to help out and tutor/train - it was flexible and made sense. It's been about 9 months now and none of the time wasting, constant interruptions, and general unhappiness has improved. Some of us actually used to try and make up for the lost time by logging on in the evening to work, but we've gotten to the "sc--w that" stage. Also - I think there was a person that commented on how the people left here never want to call the Helpline anymore - and our groups talk about this CONSTANTLY. You run into the language barrier and clear lack of IT knowledge - I'm BU but I freaking know more than them - and we also are in shock that when we call, we can hardly HEAR them - because I kid you not - there are dogs barking, babies crying, and cars honking in the background constantly. I've NEVER, not once, had my ticket routed to the correct group on the first time so you waste time dealing with that. Those of you in IT that have been let go over the past few years, please know that all of the BU's are with you and miss you, and we complain all the time to our management to send that information up the chain. But I will say this - some of us have had to temper the way we express our disappointment with the situation. I actually had a note in my last performance review about it - that I needed to be careful with what I say, because our negativity about the situation could affect the younger people/newer employees perceptions of the company, etc. We have had many younger employees leave or transfer - we spend the time training them, etc. and then as soon as they have some marketable experience and can do things on their own - BAM, they leave - and we have to start all over again. Uh, no - that's not because of my comments - it's because they want fewer in-office days or fully remote like they were promised when hired - and they also don't see any evidence that they'd have a chance of a long career here, or the fact that in many groups promotions have been pretty much non-existent for years. AEP banks on the fact that the longer term people with the most experience (at least the ones they don't inexplicably dump) won't leave because it's too much of a disruption/risk to their families and careers - and for the most part AEP wins on that front. They also bank on the fact that we still give way more effort than we should, due to our loyalty and care for our direct co-workers. I know IT guys laid off over a year ago that STILL help their old friends at the company when disasters occur (some of which were caused by TCS and their lack of competency). The people that have been around the longest know it didn't always feel this way - we felt valued and a lot of loyalty to the company - even for a long time after it began to degrade. However, we all recognize now that we are easily disposable and it's just really depressing.

Everyone blaming Therace but let’s not forget who hired her. CEO with guidance from the board. Wonder if this would have happened sooner if not for COVID. It was the plan all along. Did the expense of charge push the executives over the edge??

AEP is making more than enough money. All this was is getting rid of people who refuse to show up for work. Good luck.

I would also blame Nick A. he hired TR. Nothing was done without his approval and the knowledge and approval of the Board. The Board has a hiring committee to screen candidates at the EVP/SVP levels, they knew good and well what they were doing. TR will be gone as soon as she finds a bigger fish to fry. I doubt she'll stay past 5 years. As soon as she's gone, she'll start dragging her cronies with her to the new company. A few at a time, TCS will get kicked out and IT will go on a hiring binge. The problem is you have to stick it out if you can until she's gone. If the company decides everyone has to be come back into the office, it'll happen faster because there is no way these people want to move to Columbus. TR is like a plague of locust, they sweep in, destroy everything in sight and then move on to the next company. Have mercy on the next company that has to deal with her.

As for JS, I think the stock market will determine her fate. If it goes up and we meet EPS, she's safe. If we slide too much and we miss EPS a few times and have to lower the Div. she'll be shown the door. Maybe if that happens, we could hire Brian Tierney back but that would be wishful thinking.

None of this was done without the approval of the Board. You don't hire or fire a VP without the approval of the Board. So lay the blame where it belongs, at the feet of the board. Seems TRs only mistake was spending money like a drunken sailor as was told to cut back or else. Seems the cuts are way deeper in IT than the rest of the company based on the numbers being let go. Is it going to get worse, I would almost bet on it. JS was a DEI hire as was TR. There were problems in IT before TR came onboard but nothing that couldn't have been fixed. Now, they want everyone left to treat TCS as co-workers and your friend, I have news for them, TCS contractors are not my friends. I'll keep my head down, look for something else in the meantime and leave this sh.. show on my terms, severance or no severance. Wish the best for all those let go, at least there is a light at the tunnel. Those left, that light is another train heading our way.

AEP is not getting sold to anyone. It would be a regulatory nightmare getting that kind of clearance through all of the state commissions. Didn’t you all see how much pushback the commission gave the Kentucky sale?

What will likely be the case if the stock keeps tanking is that the board will clean house, meaning Julie out as CEO and fire or force retirement from some of the ELT.

I’m just not sure how they turn it around without cutting significant headcount. Lower interest rates would really help, but it might not be enough. Too many low RoEs at the OpCos.

They could sell if management gets a bad enough reputation that the stock tanks and make AEP a steal. They're well on their way.

Post from TheLayoff.com

I doubt they could sell the company. Do you recall how bad they botched the KY sale?

@3iua+1qB6FXi3 Is a mole.

How does this Field Mobility project stay afloat? That thing is bleeding money and has zero leadership. Another boondoggle that will ki-l the company.

It may be a good idea to figure out to which competitor they're planning on selling AEP. None of this makes any business sense unless the company is pieces and parts.

Sad to hear what has happened to AEP. I am a firm believer the “no cuts “ were total lies by Therace from the start. First rounds under Kim were just to make life so miserable you leave on your own and don’t get severance. We saw Kim so many shady deals with vendors, at one point they threatened to stop selling to AEP. I’ve been personally told by upper management that these new retail hires are snakes in the grass. Don’t trust them get out now while you can, AEP is in a death spiral and if it does recover it won’t be for several years! Best of luck to all the good people still there. Oh and it’s about time security took a hit!! ;). Infrastructure was smashed way too many times already!!

Get real: The IT service has been poor since the local response teams were culled about twenty (20) years ago! Right now, the AEP stock price is low and the dividends are high, so Krammer says our AEP Stock is a “ Buy “ !

@3yea+1qB6FXi3 - Do you think this thread is civil or constructive in any way other than venting? It won't change what has happened. Everyone has varying degrees of fault from the top down.

There are people logging in to teams but not work for the past 3 years. Salary grade 10 managers managing 1-3 people while other managers cover 12-15. Cybersecurity has an entire ambassador team for communication (ever heard of email or teams). Technology teams with no central vision spending money in direct competition with other technology teams. For years, the true culture was capital money is free money. The rate payers will pay for it. Now we are seeing that failed direction.

Therace may have been the catalyst with the failed outsourcing but that doesn't make up for the inaction over the last 3 years. We all saw the writing on the wall from her history. Then she did the first round of layoffs and reorgs. Julie announced sweeping layoffs 2 months ago. We all knew this was coming. There was plenty of time to cash out and leave.

I spent so much of my time in ANO going back to fix/finish TCS's work - causing me and the rest of the team to fall behind our own projects. And AEP still decided to keep TCS?! I'm glad I got the he-l out of there when I did. My team was fantastic. But that environment was a sh-t show. Good luck to all who now have to find new jobs. I wish you all the best.

guys, keep it civil. please. derogatory speech isn't allowed here. site mods could nix the entire thread.

https://www.columbusceo.com/story/business/briefs/2024/01/17/columbus-ceo-summer-2023-issue-features-american-electric-power-ceo-julie-sloat/72252364007/

Did you all see who made the cover photo of "Columbus CEO" magazine on the very same day everyone was made to walk the plank?

Companys typically give non-union workers (employees at will) off premise notice so there is no risk the worker will do a "workers comp. mysterious slip and fall accident" and
sue the company since they will be unemployed with no income anyway. Top management could lose part of their required numbers to receive their own bonuses if workers comp. cases skyrocket. The little worker loses every time. This is not right but it is common policy with some big corporations.

Remember this week's news? A.I. is predicted to take over 40% of American jobs. A.I. can do about any IT indoor, sit around jobs. Look for work in more laborious hands-on fields that are union only so you have at least some protections. Very sorry this has happened. Rocky roads maybe ahead at first but they will smooth out in time. Many thoughts and Prayers to all effected

HR won't even let HR know who in HR is being let go. This company is a mess now and it is clear by now to everyone that everything being messy is a feature, not a big, of the leadership team in place across the org. I do not think this ship gets righted until it has new captains.

I wasn't even let go and took this week's events as a sign that it is time to go in my own.

Anyone who does not see any major red flags or concern about how things have played out this week, not to mention the last year, is frankly a trashy and unethical human being that lacks values and any sort of moral compass. They and this company deserve the contined failure forthcoming 100%.

Company would have been better managed under Lisa. Julie Sloat should tell us how much she visited the garages more.

@2guw+1qB6FXi3, keep it under a radar, please. don't share the link with AEP mgmt, what good it will do? we certainly don't need them monitoring what's being said here. not to mention they certainly don't deserve an iota of our help in anything they've been doing lately.

If I was a customer, I would find a new provider sooner than later before you all get sc--wed like us. If they treated us loyal employees like this in the promise to save money when in reality they blew threw money as if a budget didn't exist ....what will they do when they can no longer sc--w the employees and contractors doing the work? Customers we are sorry but or sh---y decisions, management, and or inability to keep workers because of those first couple things......we need now need a 99% increase on your rates and not the 33% one we just asked for and got after we implemented our failed polices/leadership we still back. Wait what am I saying, sc--we you little pleps policies are working great for everyone in the chain that it's supposed to. AEP will be one of those western southern power companies eventually who is sold off because of their sh---y decisions and implementation of management over these last 4 years. I can't wait to watch it go down and hope her along with everyone she brought in never has a has above 60k job again because that's how they operate.

I was apart of the very first wave of layoff and felt it was funny that during the very first all hands meeting they had this slide that said all l2 and l3 services would go to TCS. Then pretty much every meeting after it was a smoke screen nobody is losing their job and blah blah blah. Yet anyone like most of us could us the internet like now and find this or her past history which is the same one playbook. How does the same contracting firm get the contract every time where her and her id--t management goes? Which brings up sp many other ethical and personal interests violations that are all so relevant everyone who worked in IT. You can't tell us you have to interview in front of a committee to get a job or promotion and yet somehow someone who had some past work experience or history gets the management position after you ran them out. It was a laughing joke amongst us as we didn't care who the person was and just went to where is it at history wise oh there it is. I gave my life to this company and was actually almost overlooked for a promotion because where I lived, even though I made a 3 and a half hour round trip at best 5 days a week. Was actually like 4 or more depending on traffic but was never late nor called off. I worked there for 10 years and was promoted numerous times because i loved the company and would've done anything for it like I felt it had me. Lessons learned never again will I give my life to a company even when I'm on call or not. Company's need to realize that you can hire cheaper labor in a bid to please shareholders and all that but this is the lesson to be learned and why aep chose this especially given this id--ts track record from all the other companies she came from bragging about doing the same, which failed beats me. Also why hire an someone who displays such inability of times with technology as her who has some 2000 wired apple air buds u hope, given the benefit of the doubt they are at least apple and not some pos 30 dollar pair room the gas station considering what she got paid. But who the fu-k is a big shot of IT and had wired earbuds and hold the wire to talk into it lol. Come the on let's get with the program you are director and big sh-t of IT lol. How embarrassing to us all who actually work in IT and make these people look like their intelligence. Let's being in someone from retail that's literally applied the same playbook and had been outside. Whoever was in charge including shareholders should ne assumed and replaced. Also AEP stands for American Electric Power....I for one believe they need to be forced to change their logo to IEP "India Electric power" because their policies and future decisions is sc--w the American worker in favor of cheaper labor which is actually costing them more so they need to lay of more American employees. Let's not get rid of these id--ts and the people they brought in with their failing promises to the board of whoever. Let's hang them out to dry and never let them do this to another good American cultured company people loved to be at. Let's send this id--ts to India and they can support their IT and live their. Also weird the one person they let go who was a big shot and said oh his family was sick so he was leaving to take care of his family. Bullsh-t that pos now has his own consulting business who contracts to TCS lol. Where has HR, ethics, or anyone been with the bullsh-t happening with this public traded company. Sick sick sick