his personal bonus was weighted on share holder return so maintaining dividend was paramount. Short term rewards were was more important than realizing o&g is a long term business. Layofff good people and fire sale valued assets. Add to the fact we had 2 mega projects (Gorgon and Wheatstone) drawing major capital JW had no long game. But what do you expect when you put a finace guy with no operational or project experience at the helm. His foundational knowledge was lacking for running a technical concern
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The tax evasion scheme in Australia was disgraceful and a gigantic breach of trust. It seriously made me consider quitting. It has been embarassing having to face family and friends while trying to explain why I still found it conscionable to work for the bastards.
He was over 60 and therefore had to go. Its the Chevron Way.
Gordon and Wheatstone are still a major draw on capital, and there are plenty of finance guys that are amazingly great at high level execution (ie AG formerly of SLB). Dumb post imho.
4dgx, Yes Indeed! You are 100% spot on my friend! "We have the broom out and are doing some cleaning" is the most accurate description that I've heard for quite some time. You truly see the light. We are taking that broom and sweeping up those little petulant chunks of rotten, deteriorated Deadwood that are falling off the great Chevron tree. Sweeping it right off the platform and into the drink where it belongs!!! Amen! I like someone who's not afraid to tell it like it is.
JW was not so bad. Take a look at a 5-year stock price comparison w/ XOM, COP, BP, TOT....Do not bother comparing w/ independents: EOG, Pioneer, Concho....
What we also need to remember is that the company is functioning despite all the layoffs and while we have the broom out doing some cleaning all those managers who had the excess staff should be held to account including those who have managed projects that did not meet budget and schedule targets.
Locks like you employees were shafted big time by your man
Watson lost Board confidence after the tax fraud in Australia. He was CFO at time they decided this road and it finally caught him. He lost hundreds of millions of dollars for Chevron. but he received also hundreds of millions of dollars.
Corporate greed at its sickest
JW will get and keep his bonus along with every penny and benefit from his generous severance package. In his mind, he has done a fantastic job as CEO. Remember, this is the guy who played golf at Pebble beach while people were losing their jobs - completely out of touch with the worker bee staff employees.
No bonus period, all the 27 psg. and above need to be stripped based on performance. Bad decisions after bad decisions. If they really cared about chevron they would for go their bonus. Take one for the team JW. Karma is a B@@@@ch
bmm, That's a plague on every industry and is very common and has been happening for much longer than 10 years. Just starting working 10 years ago?
Inexperience and people not knowing what they're doing has been a plague on the oil industry for the past 10 yrs.
Spot on, OP and @wwo. What a major disgrace this JW has caused.
OP agree, CVX needs to get back to the tradition of CEOs who know the oil business like Mr. Keller and Mr. Derr of the past.
Agreed
Based on the tax fraud in Australia, he isn't very good at the finance aspects either. $120 oil covers up a lot of incompetence. $45 oil, not so much.