He's proven himself quite well in 11 months. I like him even though Vale would have been a great choice.
CRDL VP is leaving 3M to persue other opportunities!
Looks like another unqualified DEI promotee purge in this case.
Wonder what this person did to tick off upper management?
Add CRDL VP leaving or (probably …) in a mystery absence and hush-hush pursuing other opportunities…where were these great leadership of CTO & his buddy ? $$$$$
Q2 outlook is going to be very ugly . Wait for the next earnings call. China is going to be its main weakness
Stock price is down today. Must have been something BB did or did not do or say, right?
Anyone celebrating Mr. Just For Men is delusional.
The CTO tried to bring the info about the catastrophic drop in new product intros to the attention of the relevant committee of the board. It was a YEAR before he got to present the info. Don't know why. Maybe MR prevented that, but that's just conjecture.
Trying to get new products into the divisions was like pushing on a rope. When the message from way on high (MR and MP?) to the divisions was to focus on cutting costs and pushing existing stuff, no wonder the NPI numbers were way down. Almost impossible to get the divisions to consider new stuff.
3M hasn't produced sh-t since Mike Roman came around, and all the boomers who got to their jobs through automatic promotions every few years are suddenly saddened to realize that they have nothing to offer the world.
We don't need to do things the way they used to be done; that's why 3M is falling behind.
WFH was a "great perk" if you were hard to find in your cubicle to begin with. A lot of these carpet walkers that transitioned to working from home didn't do their da*n jobs and different divisions on the production floor suffered. Impossible to reach a planner, can't get supplies in on time because their math is flawed and machines are shutting down. Not to mention NOBODY within an entire division can agree on how to plan workload and inventory gaps.
What a joke. Sit in your office like a normal human being, or quit. Production doesn't have time to wait around for people who can't even work in an office. 3M needs its own version of DOGE to cut more fat from the office staff.
The CTO and his best buddy, the R&D SVP, have been faithfully executing the long-term sui-idal strategy laid out and forced upon them by their leadership (Inge, Roman, and the board. Pathetic and disappointing that they didn’t even seemingly try to buck the trend or go to the mat on arguing against the ridiculous decisions that the company made, but they did what their bosses told them to do. We’ll see how they perform now that the goal is increased product launches. They were in leadership positions during the actual innovation years of the Buckley regime, so maybe they remember something and have some skills. We’ll see. However, replacements for them from within the company are significant steps down in my opinion. And, bringing somebody in from the outside, who knows nothing about what used to make 3M special, seems like the true end of any innovative spirit. From what I can tell, our CEO, and everyone he brings in, thanks 3M’s innovation culture ever existing was a bunch of cr-p, and they don’t believe in or support 15% time, etc.
I don’t know how anyone in the company can have any sort of executive swagger or confidence, it should just be pure embarrassment. Hopefully those guys will be a force for turning the ship in the correct direction and fighting for any assemblance of a real innovation culture. Again, we’ll see…
What has the impact of Banovetz as a CTO over the last 5,6 years?
Other than dancing around and deliberately ignoring tough questions asked in town halls, what has this person actually got done? Why is he still here ???
If BB is serious about organic growth for the company he should have removed the current useless CTO and his best buddy, the R&D SVP, and replaced them with growth minded leaders. those two have presided over anemic new product pipelines for many years. Time for a change.
The targets given down by BB is increasingly stretching and looks impossible to meet. Guess Tireman knows the details and decided to call it a day. To those who are still in the game, Good Luck to all.
I see the cronies have arrived to wallpaper over the criticism of our illustrious undertaker.
Bill Brown has no ideas and no talent; he's here to dismantle 3M and generate shareholder value through manipulation of the books. He is NOT here to lead 3M to a new golden age, or even a return to mediocrity.
Notice how the priority has been on administrative busywork for the last two quarters. Goal seeing, progress reporting, new benchmarks and dashboards and added paperwork for all!
Those aren't the tools one uses to move forward and succeed; they're the tools used to cast blame for failure.
When BB starts showing consistent at-market or above-market organic growth I will consider his tenure a success.
Until then, he is just the pre-bankruptcy caretaker.
Monish left because he didn't get CEO. Pete's liver finally retired so I think he had to.
Layoffs... aren't there quite a bit fewer 3Mers today than a year ago, even after discounting the Solventum spin-off?
He's been a pleasant surprise really. Maybe the bell curve was shifted left (lousy performance) under Mikey but no doubt he's getting it done. WS loves the guy and GESPP is back in the black for some.
Once he spins off a few divisions, this place will be humming. Bravo, Bill!
I see one of the clapping seals is chiming in to kiss the ring. Why should we thank someone who is absent and hiring his version of Mike's crony's. More of the same cr-p and zero organic growth. Innovation my left cheeks. Take a bow and kiss your own ar-e BB.
@greed somehow alaways wins,, if you were offered $12million to come in and slash the company for one year before company goes bankrupt you would jump at it, especially as BB was a fantastic failure in his last job, voted most disrespected CEO AT THE TIME
WFH wasn't a morale ki-ler -- it was a great perk that everyone loved.
It's also still basically a thing, since the push to get everyone back in the office completely dried up after Jan 1, since it was all just a plot to get people to quit voluntarily so 3M wouldn't have to pay out AIP.
#8 was "no major layoffs". If you have enough "minor" layoffs so you don't have to do a WARN notice, that's ok then? Let's not pretend those people are going to get hired back. Don't get comfortable.
he is working hard for the shareholders, nobody else, the workers will keep getting chipped away at monthly, always remember you are just a number, just come in do your bit and go home and love your family.