Thread regarding Solventum layoffs

I hope things work out for all those affected. I was let go from Healthcare several years ago, one day notice after trying to negotiate a suitable solution for two years. I landed a better role with a company that values their employees.

There are a lot better companies out there that will value your skills. good luck and try to remain positive.

Glad I got picked for redundancy a year ago. At least I got my 1.5 year's severance, and all my annual leave paid out. I'm now in a different company, not publicly listed. The work is intense, but so much more satisfying. Hope those who are affected this round find something that they enjoy doing in their next job.

@dk His house is now for sale for $22M!

Yikes. This sounds like a slap in the face. $40M salary for him, on what basis (piddly baseline raise, flat stock, 1.2% growth for the year)? $1M+ hiring bonuses for noob execs vs. the severance you list for someone of 30yrs? [1] Note the hypocrisy to drench us in the word "founder," have the ceremonies, give us our olympic medals, churn it up as such a once in a lifetime opportunity... then kick those who've dedicated their lives to a single company out the door ahead of the holidays. Maybe his 7000 sq ft, $14M beach front house with 2 laundry rooms helps him sleep at night? [2]

I wonder what Heather Knight's salary will be (it was $6M at Baxter)? [3] For someone so skilled in the execution of product launches, Baxter's stock sure doesn't show it. On top of that, did you know the Baxter CEO, Jose Almeida, is Bryan's father-in-law? Check out his pay vs. Baxter stock: [4]

Also interesting, Bryan was "installed" by Almeida, who was then CEO of another company you've heard of: Covidien. Someone tried to sue over it, albeit it reads like they felt hornswoggled by not receiving juicy profits from the Medtronic acquisition; the ethics of the situation was just the Trojan horse needed to try to claw for compensation. [5] It's intriguing to consider where these people come from.

Speaking of, I was surprised not more execs overlapped with Bryan, but I would also bet that his hires are far less organic than most companies? Not everyone, but quite a lot of Covidien, Medtronic, and Zimmer in there... [6]

Sorry to hear of your situation.

[1] See Pg. 99, or search "offer letter" to find links to their letters:
https://investors.solventum.com/financials/sec-filings/content/0001964738-25-000019/0001964738-25-000019.pdf
[2] https://therealdeal.com/miami/2022/04/13/medical-device-honcho-pays-14m-for-waterfront-fort-lauderdale-spec-house/
[3] https://www.medicaldesignandoutsourcing.com/baxter-ceo-pay-median-employee-compensation-2024/
[4] https://imgur.com/a/RuFLa9o
[5] https://www.govinfo.gov/content/pkg/USCOURTS-mad-1_15-cv-10498/pdf/USCOURTS-mad-1_15-cv-10498-0.pdf
[6] https://imgur.com/a/CLJqC9m

There was distinct change in outlook and behavior from Bryan compared to the uplifting message he delivered to employees when he was first announced while HC was still part of 3M. To many, it sounded like the lifeboat of leaving Mother Mining would lead to a better destination than Bill Brown was leading 3M (over Niagara Fall in a barrel).

People who had a chance to stay or come to SOLV many decided to cast their lot on a new ship. Only to realize Bryan turn into Captain Bligh on Mutiny on the Bounty.

Sadly, the real culprit here is Nelson Peltz, the 83 year old billionaire corporate raider who couldn't even run Wendy's well as self-appointed CEO. The guy has already been blessed with wealth and extra years (a lot of people expire long before 83). Why torment people with 30 years or more of loyalty and productivity. GREED is right.

As for Bryan, it sounds like his clueless performance at the Townhall shows he is an empty suit. Especially when asked about all the external hires for C Suite jobs who get huge bonuses and lucrative severance.

Glad I got out 4 years ago with a pension and retiree medical. Too many people went to The Chair before getting to a key age and years.

If you joined when Desi was CEO, he wasn't that great as a CEO but certainly cared about people and believed in McKnight principles.