Thread regarding 3M layoffs

Best to do a bankrupt to reset and start all over again.

Even with MR exiting (Q1 2024?) the inherent problems 3M is facing will continue long after his departure. A new CEO will not be able to solve the majority of issues in the short term. Things could turn around but that will take time. Time is not what 3M has - the run way is short and even with recent settlements the hemorrhaging continues.

Past actions the company has taken can give you a inkling as to how they will proceed into next year. Unfortunately I see further company wide restructuring and divestment at a divisional level.

Everyone is waiting for the moment MR announce his retirement. It would call for a big celebration that this 36% approved CEO is finally leaving for good.

HC Shin was a great leader and a Big loss for 3M. Inge Thulin S to bed picking Mike Roman over him. There would have been accountability and not excuses from this lazy management team that cops out and blames employees for their shortcomings and pi-s poor, lack of inspiring leadership. All this current group does is strip out what is best for themselves. Most selfish self serving team to lead 3M I. It's entire history. They wouldn't know servant leadership if it kicked them in the behind. This is why we continue to fail and falter.

Interestingly just googled the share price comparing Now vs 5 years ago (change in %)

LG Chem: +65%
3M. : -50%

Results says it all.

As Inge prepared to retire, there were two options, Mike Roman and HC Shin, he went with the former and the latter left for CEO of LG Chem.

3M cut costs, headcount, and made decisions based on quarterly earnings. LG Chem made a strategic decision to invest billions in r&d and manufacturing.

Guess which one is leading a growing company with a healthy future?

He is a big supporter of under represented minority groups (URGs). As a result, he over promoted URG … just look at the VP and SVP promotions! In some cases people went from being a Senior Manager to SVP in a period of 3 years! Wow

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Not easy to garner 36% approval rating and yet able to collect $100 million compensation over past 5 years. Wonder what was his yearly EPR ratings were?

He will be remembered as the worst 3M CEO in history to destroy Share holder value by half!

Mike has a 36% CEO approval rating on glassdoor.com. Can you find a lower approval rating for a Fortune 500 company CEO? Waiting ⏰️

He is the mother of THICK SKIN

His performance was superb.

He performed as the CEO, but was not.

He performed as the innovator, but was not.

He performed as the financial fixer, but was not.

He performed as the kingmaker purchasing profitable companies, but did not.

He performed as the kingpin seeking vast sums of investment capital, but did not.

He performed as the understander of all things technical, but was not.

He performed as an ethical leader, but was not.

He performed as the supply chain unraveler, but was not.

He performed as the eliminator of thousands of jobs, and was.

He performed as the financial wrecking crew overseeing five consecutive years of dropped stock prices, and was.

He performed as the introducer of hundreds of expensive initiatives most of which never saw full implementation, and did.

He performed as the approving authority hiring and firing dozens of senior leaders once they learned his real name was Edward J. Smith, CEO of the RMS Titanic, and did.

This list of poor performances is endless. All that’s left is resignation, but did not.

How much has Mike made as CEO? Close to $100M? Does anybody outside of the board think he's worth that?

Most people waiting for Mikey mandatory retirement in 2024 to end this horrific leadership of a once great company

Mike believed in diversity, equity and inclusion. Nice that there is support but we have a horrible record. 4 race discrimination cases and 2 age discrimination cases. Very few people feel like they belong, just a lot of fear that you will be the next JE. Hunger games.

TRUST THE PROCESS

I doubt Mike Roman would have been hired by any other large company as its CEO (assuming there is no non-compete agreement). He does not appear to be a natural leader, has made many poor decisions, and has no charisma. I also doubt FlimFlam would have been hired by another large company as its GC. There are others in senior leadership who seem to have been promoted based on their seniority and who they know rather than their ability to lead or their talents. Good leadership is important for all organizations to thrive.

Some of colleagues did benefited from A3M and received 1-2 JG promotions to director or VP. Lucky them.

Mike inherited a lot of problems but Advance 3M was not one of them. A self inflicted disaster of epic proportions. An enormous amount of effort and resources expended with dates and timelines constantly missed resulting in a culture that went into freefall. Organizational performance was dysfunctional. We had even more meetings to communicate between functions and departments. The link between business and manufacturing was totally broken. Worst reorganization ever. Mike continued to promote until we were asked to stop using the phrase.

He did attempted to Advance 3M......

MR's unsuitability for the CEO role became apparent pretty fast in his tenure. From his first town halls he looked like a deer in the headlights and that really never improved.

In all fairness, he isn't the first CEO to struggle with growing 3M. He is however the first to fail to even really try and grow the firm.

There are much better competitors to invest in. Danaher and ITW are both better run conglomerates that can reasonably compared to 3M.

3M is a lost company wandering a sun scorched desert. Which way next Mike?

Remember… He awoken the sleeping giant.

But remember, MR brought us “Purpose” to inspire us …..