Thread regarding 3M layoffs

This is what happens when Finance runs a company! They will do just one thing - that is to cut costs! This is the GE playbook all over again! Someone tell me what the growth plan is? What is the company’s strategy? They don’t have a strategy! Oh wait, Finance is in charge of enterprise strategy now! The only strategy is to do what the CFO wants! After all he can play 4 dimensional chess in his mind! Sure there is some sound thinking and strategy that the CFO has since the stock is at $96 now on his watch! Bravo!

These managers blamed everything as has been said. But how many times have I been lectured (rightfully so) to not be a victim. Those bad conditions happen--then you shake it off, work your rear off to go after them, attack them until solved. Our managers (not leaders) and board have decided to play victim, roll over, and give up, and let us pay the price. The epitaph of 3M should not say "victim of macroeconomic conditions"....should say "victim of spineless managers who gave up and failed their people."

Unfortunately all those failed managers will live in the lap of luxury the rest of their lives. The rest of us are scrambling to secure a future. Godspeed 3Mers.

Monish is utterly incompetent. His organization is bleeding people but zoe doesn’t have the courage to call it out to roman. Another svp just jumped ship.

Blame hiring management based on nepotism. You get sh-t tier skilled employees who surpassed their skill cap. Too many added fluff overpaid jobs that literally bring no money on the table. 3m was enivitible to collapse strictly and solely on that.1

Enron was fraud and it took arthur Anderson down with it, leaving only Accenture (which has milked 3M for zillions on A3M).

This was definitely a three-fold blend of: incompetence, negligence, and greed.

The McKnight principles held true for the 2nd half of the 20th century when the company excelled. Mcnerney couldn't care less about principles unless it had a dollar sign or got him on TV. Buckley was pretty good but didn't last long enough to undo all the damage jimbo did in 4.5 years. Inge really started the final death blow with adding too much debt to goose the share price (it did scare off the activists who broke up Dow and Dupont). And then the final crushing blow of Roman (compounded by Monish).

Ironically, the rationale that Inge and Mike used to avoid being broken up by activists didn't work. The company is breaking up anyway. Self-inflicted. Would have been better to let them have their way with 3M in 2016. While some jobs would have been cut for sure, the end wouldn't have been this ugly and some of the spins may have been better off than they are now. I doubt 3M would have cut 40% of LVS/MTE and 80% of patent attorneys under pressure from activists.

So sad is right. Hopefully, the case study puts the initial blame on Mcnerney.

They blamed Covid
They blamed China
They blamed Russia
They blamed PFAS
They blamed Earplugs
They blamed macroeconomics
They blamed microeconomics
They never look at the mirror to find the real problem