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There's a lot of talk about 'Madness' this morning. We'll deal with the NCAA Tournament later in the week. If you can hold out your bracket pools, check back Wednesday morning for the winning picks. It will be the 10 star bracket picks of the week.
Anyway, the 'madness' actually started Friday. Late Friday morning, a press release was received in the office saying Sunoco was laying off 20 percent of its salaried workforce.
You can read the whole story here.
Now, it isn't that Sunoco is laying people off, it seems like most companies are doing this at an alarming rate. That can happen. With the recession (depression?) continuing, many more will sadly lose their jobs.
No, the thing about this story is Sunoco is laying 750 workers off despite bringing home $776 million in profit last year.
Think about that for a minute: $776 million ... profit ... in one year.
Yet, they justify laying people off because, as CEO Lynn Elsenhans said, "While the company has enjoyed several years of strong financial performance, we are now facing a different — and more difficult — economic reality. Like many other companies across a variety of industries, Sunoco is taking steps to remain competitive."
What, if the company only makes $600 million in profit this year it's going to go under. Maybe Elsenhans should get a reality check.
She's not the only one, spokesperson Thomas Golembeski (regurgitating the company line) said, "(We want) to reduce our cost structure to make us more competitive during one of the periodic cycles of the refinery business.The outlook has changed significantly. We are in or are entering a downturn in the refining business."
OK, once again: $776 million ... profit ... in one year.
Or in another way, IT'S A FREAKIN' JOKE.
By the by, when Elsenhans took over as Sunoco CEO in July, the Wall Street Journal reported she will receive an initial salary of $1.24 million and a onetime grant of restricted share units equal in value to $5 million, the company said.
These companies (meaning the board of directors and the CEO) need to be held accountable for this. They need more than a slap on the wrist.
Somebody has to do something. Maybe some letters would help:
Send them to:
Sunoco Inc
1735 Market Street
Suite LL Philadelphia, PA 19103-7583
Then again, maybe getting mad isn't enough.


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