Great way to be able to get rid of assets and ensure no entanglements for the big groups ahead of Dental being split out. A good idea that we’ll all appreciate for not having to go back, but don’t think it’s for the reasons stated.
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@yh
Hanson will fill the ranks with his ex-Covidien buddies to pay back what they did back all those years that let him climb the ladder. Remember, he was involved in an anti-nepotism case. https://www.govinfo.gov/content/pkg/USCOURTS-mad-1_15-cv-10498/pdf/USCOURTS-mad-1_15-cv-10498-0.pdf
Yep... Behind the curtain of the return-to-office (RTO) versus work-at-home (WAH) debate is one simple factor: money. Companies with idle real estate are the loudest voices calling people back to the office. Just look at Jamie Dimon and JPMorgan. They own a high-rise in Manhattan, and Dimon—an epic di-k, by the way—is determined to fill it, lest that asset become impaired.
Now compare that to Hanson and Solventum, and consider a few points:
His leadership team is scattered across the country, with several members living internationally. It’s not a stretch to assume that part of the recruiting pitch was the ability to live wherever they wanted and simply hop on the corporate jet when needed.
In the Twin Cities, they shed an expensive lease at 3M's building 275 and saved money by downsizing to a much smaller space in Eagan. I suspect a big empty 275 heavily influenced 3Ms decision to return to the office.
And for the RTO skeptics out there—can someone please explain what makes sales different? Sales reps have worked from home for decades, often with long stretches of independent activity. While many are paid on commission, they also receive healthy base salaries. In my experience, they resist any attempts to manage their inputs. Ask a rep, “How many calls did you make today?” and you’ll quickly here commentary about the evils of micromanagement.
Sales teams pioneered the work-from-home model over a century ago and have long stretches where they are expected to work independently. For many of us who are non sales employees, technology allows leadership to ensure we’re performing at an acceptable level. If we are not, there are plenty of performance management tools and remedies available to our bosses to set performance issues right.
So why is remote work considered normal and effective for sales, yet somehow controversial for other roles that people can perform effectively outside the office? It’s a head-scratcher—until you follow the money.
@xh
Of all MedTech Medtronic would be the last I hope. Medtronic itself has been struggling for the past 10 years, check their financial details.
Maybe Solventum could buy Medtronic and give Bryan due right that east open by Geoffrey Martha.
They won’t relocate from Eagan. Solventum will sell off Or-l Care and HIS next. The goal is to make MSD attractive to other companies for acquisition. Look at where so many of the the new Solventum leadership team comes from. Do not be surprised when Medtronic acquires Solventum in about 3-5 years.
@OP
Or-l care SpinCo/sales has been in works for a decade; nothing happening here unless you care to shed some rare lights.
@OP don't expect SOLV to stay in Eagan much longer. They will likely "relocate" in theory to be a Texas based company. Bryan is paying 9.95 Minnesota income tax on his 40 million. That's almost 4 million. Texas has no state income tax. The guy probably now realizes he sc--wed up.
Except for the India offices