Those who have spent here much longer than I have find it hard to believe that today this company has hit rock bottom.
This could be a company for case study on how not to manage business, because a few years ago no one could've even imagined that this place would be ruined to such an extent?
The first GE reject 3M hired was Mcnerney, who lost out to the incompetent Immelt. Then jimbo jumped ship for more dough and perks at Boeing and left.them with 737Max falling from the sky. He failed at three companies.
3M's decline mirrors GE's because we are filling our upper ranks with castoffs from GE.
To the stock question, you don't think Asish sold all of those shares because he is stupid. He sees the Financials and all the PL'S, the court mediation orders and the infighting between Parent Co and Seperation office management on who should be responsible for debts and liabilities for layoffs and employer separations. This Company is an absolute Sh!t show with a beyond checked out leader at top just waiting to retire. The infighting is like a bunch of jackals picking at the bones of a carcass that is left. Our spineless Board of directors just sits by with hands in pockets doing nothing. This is a rudderless ship.
Our stock is plummeting today.
What gives? Why haven’t we bought a chunk?
WONEWOK is likely the next Breezy Point turned into a smaller Golf and Resort community by a developer. I doubt it will become like the Villages in Florida, the STD capital of USA.
Has anyone wondered why wonewok is located in such a remote location?
What happens at wonewok stays at wonewok.
Bro! I want to party with Dr Vale and Dr Cesena!
Agreed.
Dr vale and Dr Cesena are quite the schtup monsters.
Dr Vale and Dr Cesena are perfect examples of our leadership priorities. There needs first!
We need to take a page out of the Dr Jocelyn Elders playbook for men. If you give a man a v.a.g.I.n.a he schtups for one night. Teach a man to use his hand as a v.a.g.I.n.a he Schtups for a lifetime.
3M biggest problem is a top heavy leadership structure that is bloated to the point that there are almost as many managers and executives as there are people actively working on manufacturing products. That and running off scientist to competitors. The bloated expenditures, turtle roll out pace and billions spent on SAP and Accenture and leadership consultants has been mind boggling. Decision making and critical investment in factory's, new automation and fixing the basics have been put on the back burner due to over burden of to many chiefs making vwry large Salary's. This will be Mike Roman's legacy bloating executive team ranks full of greedy pdycophants that care nothing except stripping out assets and wealth for themselves. That and mismanaged legal challenges and extreme amounts of money spent on contract Attourneys instead of competent Tort and litigation firms. So much waste by the Sic Sigma disciples, that it will indeed b e a case study.
Unlike Kodak, which died a slow and agonizing death through a combination or poor management and reluctance to go digital, 3Ms decline mirrors GEs.
What they had in common was lousy management, but both 3M and GE were strong conglomerates that went from focusing on innovation and leadership positions in each market that they served to fanatical focus on beating next quarters earnings estimates given to them by WS.
GE got away with this in the 1990s because GE financial did so well. Other parts of GE were making money off of earlier investments in R&D but didn't have the new products coming out. They had the good reputation for product quality but even that began to deflate.
3Ms decline started when it wanted to become another GE and the darling on WS. Mcnerney was constantly on business talk shows and featured in magazines for "saving" 3M without destroying the innovation. Nope, he left for Boeing before the cr-p hit the fan. Buckley was a good leader though as someone here mentioned perhaps immoral in some ways outside of work. But the company seemed to rebound a bit.
Inge decided to mimic Mcnerney and was able to coast for years on the rich pipeline of products that got a boost by Sir George's reinvestment in R&D. He also stiff armed any activist investor attack by borrowing billions to boost the stock price so high that activists wouldn't bite. People forget that Buckley almost eliminated the debt from Mcnerney era but got no credit for it.
Mike was given a sinking ship that could have been saved (maybe) but he chose cost cutting over innovation. His one big swing for the fences was A3M. Just like Mighty Casey, he struck out and there is no joy in Mudville (Maplewood).
Maybe Jim Collins who featured 3M in Built to Last will write the obituary for both GE and 3M. He can throw in dupont too.