Perhaps my perception is wrong, but it seems to me that all the leadership knows how to do is cut costs.
They don't know how to grow business and if cutting costs is all it takes then anyone could be a leader because that's not very difficult to do. The question is how long can this company function like this?
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From Yahoo finance :
So we wouldn't blame long term 3M Company (NYSE:MMM) shareholders for doubting their decision to hold, with the stock down 53% over a half decade. And we doubt long term believers are the only worried holders, since the stock price has declined 32% over the last twelve months.
Did anybody watch the Golden Step awards? Very bizarre. First, it was not a live awards event. It was a film that had some talk show host (Brian Henry meets Jimmy Kimmel). And a band. They literally sang funky tunes about each BG. Then showed PPT with music.
Odd. So odd. And during our uphill moment with pending layoffs, let’s spend cash on this? Terrible.
I can bet the anthem cost millions and was recommended by yet another consultant. At least we were spared the nonsensical babble of the chief science advocate officer or whatever her current title is. Brian Henry 2023 target met. Check!
Does this mean we are done with the sad crying “we r going uphill” vid from a few weeks ago. I mean figure out what we want.
The new anthem is very energizing.
Whenever I see any negative news about 3M, which happens pretty much all the time...just look at any external media news about 3M...., I take solace in the new anthem.
Certainly very therapeutic. I hope you all agree !
the amount of hot air and egos at the c-suite is frightening, they live on a totally different planet, honestly what the fudge is an anthem for, a call to arms, all the talk now is Spinco Healthcare and if you are not in by October then goodbye as in the next few years each BG of Parentco will be sold off as the Aaero and PFAS comes to the knuckle now, haha , please, this company was already a laughing stock, but it just gets worse each week,
Regarding 3M anthem: I wonder what would happen if you took a knee during the anthem? I'm guessing they'd find a reason to PIP you. Or they'd fly a drone overhead just like they did at vaccine protests.
Yet they have budgets to make a new “3M anthem”
Since 2019 the year my position was cut, the cutting cost strategy was practicing.
I still remember they moved all of the disposable cups, napkins away, and all of the clocks on the wall.
Sadly as an innovation company, the only strategy to save the stock price is just cutting cost.
3M suits minnesota government well. Only revenue MN government can think is raise taxes even more despite 17 billion surplus. Both leaderships are grossly inacapable of doing their jobs.
I came to 3M a few months before McNerney became CEO. He spent the next few years doing his scorched earth approach to cost cutting, which Wall Street seemed to like (hence the stock performance during the time). Once that well went dry after 3 or so year, his “growth” strategy was to raise price in a very draconian way (do it, or lose your job). Weak, weak, weak. Ironically (sarcasm) only a few months into the implementation of this strategy he jumped ship to Boeing where he did a reboot of the scorched earth cost cutting. Different company, same long term destructive impact.
Common theme here? Job cuts, continued GE poisoning of a company, and a complete lack of a long term growth strategy.
Sound familiar?
Dont worry we have been wondering, since some years now 🤔. Anyone from outside, you have been warned 🛑☠😰 this is where all good ideas come to _ie