Correct me if I am wrong, but isn't the ceo huddle usually 2-3 days after the quarter report? 10:00 the day of q1 report implies that me that there is big news they want to get infront of asap
My guess is a spinco delay, bad q1 results and large layoffs all hitting at once. Only thing i is that hope MR resigns as well but doubt we can be that hopeful any longer
@ Making Sense
They wouldn't need to have a huddle literally an hour after the call just because they decided on a name and leader for SpinCo and 'as expected' quarterly results. The SpinCo announcements could be a press release and email at any time. If Q1 as 'expected' or close to it the huddle would be a few days later per usual.
You did hit on what is the problem: "that would be incompetence". I assure you it is, Mr. Roman is not competent at his job. He knows it and it trying to run out the clock.
The most likely topic is related to Spinco. Company just laid off 2500 in MFG (plus several hundred more in early Q4 (all functions)). Plus company lowered EPS by 40% just 3 months ago. If Mike Roman lowered guidance AND miss earnings that was announced 3 months ago ... that would be incompetence. So, my guess is that CEO huddle will cover Q1 results and new Spinco announcements (most likely who will lead Spinco, Spinco name, etc).
Will Mikey come out and put a ring on his mate and solemnize his relationship in front of all 3Mers on Tuesday eh ?
Just trying to think out of the box.
Agreed, top executives have not had to feel the pain like the employee ranks. They could have a lot of savings just restructuring and eliminating jobs at this level. They know dang well employee morale is low and no matter how they sugar coat the earnings, almost all employees are starting to realize our top leadership are not capable of doing anything to turn things around. All they di is carve out more pieces of the pie for themselves, with unlimited greed. This group is never held accountable to any standards or metrics the rest are measured by, and they sure as heck do not know how to grow sales. This board of directors should be ashamed, everyone knows the Emporer wears no clothes.
Whatever happens, upper management jobs are always safe.
Never seen a single person at that level affected going back 15 years. What is so sacrosanct about those positions. Their decisions have led to this company's demise, why are they not held accountable?
Heard CBG already asking for 15% names for deep cuts
Y’all must not have played much with Chat GPT. @ Ruprecht's Fork’s post reads just like an AI generated text.
@Ruprecht's Fork I suppose you just joined or part of the new regime. There is infact no plan.. which stretches the pain for over 5 years and still no clear path in sight. When you get a pinkslip after putting your heart and soul please shout the plan out loud to yourself.
@Ruprecht's fork
Put down the 3m kool-aid before you get diabetes....sounds like you've drank enough for all of us.
@Ruprecht's Fork
That’s all well and good, but the long standing issue is leadership made sh---y choices and instead of being held accountable we’re spinning off healthcare for financial viability, while managing a sh-t ton of litigation (again because of previous sh---y leadership decisions) and laying off people that had nothing to do with those decisions. They get to “keep theirs”….Have you seen any VPs, SVPs or EVPs let go other than the two from GE Healthcare who are gone because of gross behaviors?
In some cases, a company may need to undergo significant changes in order to adapt to new market conditions or to meet the demands of shareholders. One such change may involve spinning off a part of the business into a new company, known as a "spinco". This can create a more focused and streamlined organization, but it can also lead to redundancies and job losses.
In order to align with the new company and ensure the best possible share price for shareholders, a company may need to make difficult decisions, such as reducing its workforce. This can be a painful process for employees and can have a significant impact on morale and productivity. However, it may be necessary in order to secure the long-term viability of the business.
Ultimately, the decision to lay off employees should be made with careful consideration and with the goal of minimizing the impact on those affected. It's important for companies to communicate openly and honestly with employees throughout the process and to provide support and resources to help them through this difficult time.
I say 15% down on revenue. Massive cuts.
~7K additional layoffs
Yeah, having a huddle start literally an hour after the earnings call ends is not typical. I've seen it done a few times later that afternoon, but never an hour later.
I agree with the assessment that something big is being announced, and it almost certainly not good. What that something is, I don't know.
It was half a joke, but my call for Q1 results might be closer to right that I'm really comfortable with.
Yeah, it usually used to be on the Thu after the Tue morning earnings call. MR is not going to call a huddle to announce his resignation though. We are stuck with him & Monish until the spinoff completes lol