this is true junk... Q: What positions were cut today? Can you provide any information on the average salary of those positions?
A: It was across the organization in several different groups. These were principally staff positions. Many of the reductions that have taken place up to this point in time have been managerial or senior level employees.
I won't share with you any of the financial information associated with it, but it's very important to note that this has been an exercise in restructuring the company to execute the strategy. It's not been a financial exercise. Obviously our competitiveness on a financial basis is very important, but this exercise we've gone through has been very rigorous and thorough so we're in the best position possible to be more competitive with the strategy we have in the E&P sector.
Q: It's been a difficult 18 months for Chesapeake. How do you move forward with everyone who is still at the company and improve the morale?
A: Chesapeake has all the necessary resources to be a top performing E&P company. I sense it in the people that they all know that. I sense it in the assets. I believe everyone knows the capability and the leadership position this company can achieve.
What we need to do is focus on the future, focus on how we can be more profitable and more competitive. With the right strategy in place, which I believe we have, the employees will align around that. With the support of the board and the support of the employees, with this strategy, I believe we will be very successful.