WFT's executives and VP's built a quasi strategy based on the takeover of Baker by Halliburton. However, this deal is dead. So what now? I think Baker will be coming back, perhaps a little smaller, but stronger. Can WFT poor quality of service and horrible management make it still the third alternative to SLB and HAL? I think WFT days are counted.
5 replies (most recent on top)
There is a strategy that WFT had to implement, but has not been willing to. First and foremost, fire the Chairman and CEO, and replace him with the business acumen, know-how, and energy to reduce the company to make it a smaller and stronger provider that will start bringing the company to at least a break even status. Start eliminating VP's, by consolidating product lines. For example, completions, ALS, and liner hangers could be consolidated into a single product line with one VP and one administrative organization, instead of three as it is right now. At the same time, sell the pumping business and rigs for whatever values they can sell them, even if it is 10-cents on the dollar, and write off the difference. Cut executives pay by 20% and eliminate any of their raises and bonuses until the company makes a profit. Additionally, reduce the number of Account VP's to half, by consolidating accounts, while at the same time increase sales performance (it can be done). Establish a culture of serious service quality. Establish real goals and incentives, as part of a corporate strategy (non-existant). These are just some ideas. Until something like this takes place, people can be laid off until there is noone left. It is unfortunate that management has not realized that WFT is a disjointed company. It is like a drunk, cannot be cured until he/she realizes that he/she has a problem.
Salesmen? We don't have any more salesmen. havent been on the 2nd floor lately?
We're number three
We're number three
Oh gosh
We're number four
We're number four
I think this is Weatherfords chance to go after more work but first what are the salesmen doing. Not selling work that's for sure.
Honestly can't think of a strategy for WFT now. Continue layoffs, scratch rear end, profits?? Or.. Continue layoffs, continue taking away benefits, and hope for best?