'admin' pid='74781' datel Wrote:But the BOD (spearheaded by Gaylen Byker, Roger Lewis, and Ford Nicholson) and assisted by Bill Jasper and Collin Visaggio, torpedoed PM. Byker and Nicholson were actually undermining PM to XOM in order to derail the negotiations.
If this is true than it really is an epic mistake, if it was a mistake. And the question that immediately imposes itself is why?
Admin, this wasnt a mistake, it was a deliberate action. Byker Lewis, and Andrews wanted the company sold. PM wanted only to bring XOM in as a partner to E/A. Ultimately MH was brought in by Lewis, under the approval of Byker and Andrews to operate the chop-shop, drive the price down, and get a sale for the entire enchilada.
That is why there was a huge change of control payment for Hession that grew larger (Much Larger) with each restatement of his contract.
The screwing started in 2012 and is almost done.
In January, Hession for the first time since he was employed, spent some of his own money on shares at the bottom of the market at $24.09, whilst he was in possession of information regarding BOTH the OSH and XOM negotiations.
What more is needed to show that Hession and his entire executive team are lice?
The BOD is complicit in all of this action except for Katherine Hirshfeldt whow was made a member of the compensation committee and then promptly quit. (presumably when she became aware of how Hession was using the BOD to milk the shareholders?)
But to answer your question: Money, LOTS of money. Hession has taken in salary, bonuses, and change oc control payments, more than the CEOs of BP, Shell, and BG, combined!, in 2015 while at the same time presiding over a 60% decrease in market cap, and the total depletion of liquid assets, and the conversion of shareholder equity into debt.