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Old 02-29-2024, 03:38 PM   #561
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I made it through...A few colleagues did not unfortunately.

New structure will take some getting used to as well.
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Old 11-26-2024, 07:46 PM   #562
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Hate to bump this thread but just a heads up, Cenovus laid off 600 people today. Not sure if more are coming or not.
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Old 11-26-2024, 07:57 PM   #563
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Petronas did a pile a couple weeks ago as well.

I guess when gas is at historic lows it hurts or something.
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Old 11-26-2024, 08:21 PM   #564
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Hate to bump this thread but just a heads up, Cenovus laid off 600 people today. Not sure if more are coming or not.
Weird. Friends in the office haven’t heard anything… what groups? That’s a huge amount.

Last edited by Weitz; 11-26-2024 at 08:24 PM.
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Old 11-26-2024, 08:43 PM   #565
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Re: Cenovus


One of the major IT projects was put on hold to re-evaluate a new path forward. “Only” contractors and system integrators were let go today AFAIK

Last edited by ah123; 11-26-2024 at 09:17 PM.
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Old 11-26-2024, 09:47 PM   #566
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Yes I believe that it was mainly contractors that got let go and it was all related to one project.
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Old 11-27-2024, 08:19 AM   #567
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600 people on a single IT project? Was this the Manhattan Project?
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Old 11-27-2024, 08:23 AM   #568
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600 people on a single IT project? Was this the Manhattan Project?
They accidentally started a recursive hiring loop. It has been CTRL-C'd now.
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Old 11-27-2024, 08:35 AM   #569
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Did they have E&Y consultants by chance? Heard they're losing a bunch of work.
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Old 11-27-2024, 08:35 AM   #570
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Sort of explains why the share price has been #### for 3 years. CVE desperately needs activists investors on the board to jettison the senior leadership.
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Old 11-27-2024, 08:38 AM   #571
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The split back in the day was so dumb. Gwyn Morgan prefers to be right than rich.
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Old 11-27-2024, 08:46 AM   #572
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The split back in the day was so dumb. Gwyn Morgan prefers to be right than rich.
Gwyn Morgan was not the CEO when the split happened.
Randy Eresman was the one that split the company up.
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Old 11-27-2024, 08:48 AM   #573
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Gwyn Morgan was not the CEO when the split happened.
Randy Eresman was the one that split the company up.
Believe me the idea was being floated around for a long time before Eresman was promoted. He was Morgan's underling as well.
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Old 11-27-2024, 08:59 AM   #574
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Believe me the idea was being floated around for a long time before Eresman was promoted. He was Morgan's underling as well.
I'm no fan of Gwyn, especially a lot of the op-eds he writes now, but Eresman's the guy who owns the split.

Gwyn wasn't there when it happened, and he's said it would still be a Canadian company if it hadn't.
So even if he was somehow responsible for major decisions at a company he no longer worked for, he's said it was a mistake, so you're "he'd rather be right than rich" doesn't really hold up.
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Old 11-27-2024, 01:29 PM   #575
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Sort of explains why the share price has been #### for 3 years. CVE desperately needs activists investors on the board to jettison the senior leadership.
All 700 of their VP's? Joke company. Doosh Zieglansberger?
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Old 11-27-2024, 02:56 PM   #576
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Sort of explains why the share price has been #### for 3 years. CVE desperately needs activists investors on the board to jettison the senior leadership.
CVE was $14.50 three years ago (November 2021), today trades at about $22. 50% gain in three years.
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Old 11-27-2024, 03:44 PM   #577
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CVE was $14.50 three years ago (November 2021), today trades at about $22. 50% gain in three years.
Sorry 30 months.
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Old 11-27-2024, 06:01 PM   #578
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Believe me the idea was being floated around for a long time before Eresman was promoted. He was Morgan's underling as well.
I'm pretty sure I heard the same thing. Eresman was hand picked by Morgan and they worked closely for years prior.
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Old 11-28-2024, 09:48 AM   #579
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600 people on a single IT project? Was this the Manhattan Project?
Given my experience in several of these over the years, ERP upgrades are the most difficult and complex to implement. Resulting in the need for massive amounts of contractors/consultants, and sequestered employees.

The hardest part? People and Process. Not just in Ops, IT, etc. All of it.

You have an ERP that was likely implemented 15+ years ago. It was customized to the hilt to meet custom process for people who likely aren't there anymore. Now you have to go in and upend everything because the cost to implement and maintain that customization is massive.

Add in hiring a legion of people who are completely unfamiliar with your org, and history. You get immediate friction.

Cenovus decided to go in house to run this. It's not a bad strategy. Thing is, with this type of project there is no good strategy. Hiring Management consultant Big 4 instead would probably have landed them in the same spot.

They call these projects executive killers for a reason. Their as complex and difficult as they come. What surprised me was Cenovus pausing so quickly. The problems as I understand are quite typical, but they are frightening none the less. Like hundreds of millions likely on the line and nothing quick to show for it. It would likely make any leader turn pale in a hurry.

So no criticism at all from me. Just loads of empathy. This project type is as bad as they get, and very little is tech that you can control easily.

Last edited by OldDutch; 11-28-2024 at 09:52 AM.
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Old 11-28-2024, 10:28 AM   #580
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*Cries in past SAP migration projects*

What I don't understand is how people still by the proposed cost savings/upsides to these endeavours. In my experience there is a TON of financial engineering to downplay the true costs of implementation to try avoid the blame that should come afterwards.
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