Chesapeake Energy CEO got a 51% raise to $22.7 million last year, while the stock plunged 47% and laid off hundreds of employees
12 replies (most recent on top)
No idea why his comp is so high. Company's performance does not justify. Also never does any media or press to manage expectations or do damage control. The only thing he may have done is prevent or maybe only postpone the inevitable.
My mind is still blown that I worked there 10+ years and only got 13 weeks of severance in last year’s layoff. One of those months was required under the WARN act, so CHK really only gave me 9 weeks. (Just an FYI for those of you who think a layoff means you’ll be hitting a jackpot- that’s only true for engineers, geologists, and those lucky enough to be a favorite.) How sad to work for people who value loyalty so little and wanted to punish those of us who worked under AKM. At my 10 year ceremony, Doug was over 30 minutes late, did not present us our awards, did not speak to a single person, gave a lousy, impersonal 10 minute speech, and then jetted out, annoyed that he’d had to be there. Say what you like about AKM, but at least he never thought he was too good to talk to his employees. Doug views longtime employees as the enemy and also does not grasp (or care) that quality jobs in Oklahoma are not abundant. Why not make simple changes around the campus to save money instead of letting good people go- turn out the lights, offer part-time schedules, quit planting 3 million tulips. It is not normal for a company to need to lay off mass numbers every other year while the CEO is raking in $22 million.
The popularity contest and employees being "graded" according to where they land on the buddy list with the ops mgr in the haynesville needs to stop.
Sadly, this just seems to be the state of affairs across the country. Are you questioning the value of the CEO? Of course they provide 10,000,000,000,000,000... times more value than the people actually doing the work on the “front lines.”
That must be why I only got 3 months of severance last year. My friends at Devon with only a few years of service got almost three times what I did. If you’re sticking around and hoping for a good package, don’t expect much. Even Sandridge treats employees better than Chk.
Vote the Board of Directors out, they do not know how to run a business.
Why do you think index investing has become so popular?
CHK is one drop in oil prices for a period away from bankruptcy.
That’s yet to be determined. Still a LOT of debt.
Your comments have merit. But did Lawler also prevent a bankruptcy? It looks like he did
What? You question this? You must be low on the mood elevator!. LOL. So over the wasteful nature of chk and this expensive culture c-ap. Such a waste We should eliminate a multi million culture EVP and his spiderweb culture minions in the communications department! Let’s abolish the culture cult and give their wages to people that are actually working to move chk out of the basement !
There is a reason why Aubrey plowed into the bridge....
...just slightly more than the 3% merit raise.