Thread regarding 3M layoffs

@1nvh+1paOnBcp

• "True 3Mers"

I'm honestly not sure how you are defining 'core' or 'true' 3Mers, so I can't answer your question there.

Unfortunately, our SVP ranks have been over-staffed (20%-25% maybe) by what I will call careerists. These people will follow shallow 'fads' just long enough to get promoted and move on. The current head of CHIMD, or whatever the new acronym is, would be one example.

Personally I've had a new to the job division president (SVP) tell me to my face: "Why should I care about long term planning, I will be in my next job in 3 years".

@1epf+1paOnBcp

• MT and Plant layoffs

I can't speak for all senior leaders. The leaders I do know are in near-universal agreement: Yes there can still be small pockets where cuts can sense, but in general further mass layoffs are doing far more damage to the company than good.

MT in particular was a hard cut that seems to have done far more damage than good.

Varys,

Thanks for replying. Your comment about SIBG's failed move to the ISMC model under Vale and MV not understanding the business he was leading leads to an obvious follow up: if he didn't understand that, how was he allowed to be anointed as CEO-elect? How much of a bullet did 3M dodge with his termination? With bankruptcy seemingly inevitable, would he have sped up or slowed the eventual result?

Varys…
Appreciate your honesty and clarity.
Would like to know if you are aware of any high level initiatives to dump salary by any means necessary. There are many recent examples of 3m HR with collaboration from 3m LEGAL using the 3m handbook and very loosely veiled “handbook violations” or “conflicts of interest” in order to rid high level salary and pension impactful employees.
With the overall liability of ongoing litigation … this cannot be a coincidence? In addition …Assuming there is a paper trail?

What percentage of leaders at your level and above are core / true 3Mers, even if they don’t have a 20+ years of service.

What percentage of leaders from outside or within can actually change company direction?

How do other senior people feel about the gutting of the manufacturing technology group and the constant layoffs now at the plant level?

@1yyh+1paOnBcp

• DEI - I think there is the PR stance, and then the reality.

The PR stance is that 3M is expected in our society to make noises about DEI.

In reality the way I, and honestly most senior managers, like to think about it is like this: Our staff at all levels should, statistically, look like the population of people we draw our staff from.

• SpinCo - SpinCo will have ties to RemainCo manufacturing for a while. I expect most everything else to split fairly quickly and relatively cleanly, but not on time.

• Roman - Fall guy isn't the right word. Inge and Gangestad did leave a steaming tu-d on our balance sheet for sure, but Roman really hasn't even tried anything to fix it. Roman was just the wrong person for the job. He is probably a competent staff SVP, but is not CEO material. When he was promoted I had hoped he would grow into the job, but unfortunately..

@1hqc+1paOnBcp

It is really bad. It used to be quite a bit of respect in both directions, but it has just eroded over the years. It used to be that managers would never ask staff to do anything they themselves wouldn't be willing to do, but damn that isn't true today.

If I were to try and fix it, a large number of VPs and SVPs would be publicly fired and some actual honest conversations with the workforce would happen. A lot of really bad habits got engrained in senior leaders that need to be purged.

@1wqq+1paOnBcp Peter Pan

• Senior Staff Opinion: I might be in the pessimistic half of the group, but not by much. A lot of us regularly lament the slow, but rapidly speeding up, demise of the once great company.

• Sc--w Ups: Ouch a hard one there. If I had to point to the single worst fu-kup I saw, it was the ISMC sales model in SIBG. Vale literally didn't understand the business he was leading. As ISMC went live region by region we just saw the sales plummet. That should have been the cause of his firing, not whatever the he-l it actually was.

• Wonewok - Pretty much like any other hotel room when I've been there. I was not a regular visitor. It is not all that different from many other resorts in northern Minnesota.

@shj+1paOnBcp

• Stock - No, I've sold every last bit. I got mostly out in the $200 to $240 per share range. It was clearly not sustainable there. Finished the last right after my last stock option date in February.

• Career

SpinCo - I think the odds are decent if you can make it through the Spin itself in the middle of next year. (Q1 ain't happening.)

RemainCo - Unless your dream is to ride through a bankruptcy, I'd be actively looking. I don't think there is a 'ride it out scenario' that is pretty.

• Change

Yes, but not good changes. I really think RemainCo is destined for Chapter 11 bankruptcy.

Does leadership at 3M actually believe in ESG and DEI initiatives or is it only lip service to keep the squeky wheel lubricated?

Will Spinco stay connected to 3M or are they looking to break clean?

Is Roman the fall guy for Inge's pyramid scheme?

What are your thoughts on the growing mistrust between workers and management? How can it be repaired?

Thank you for your insight. I'm curious about the following:

• What percentage of people at your level or above do you feel share your opinion that the emperor has no clothes?

• What product or market segment did 3M sc--w up the worst?

• How comfortable are the beds at Wonewok?

Are you bagholding a bunch of stock? What do you think about it now that you’ve left the company?

What should early and mid career people do to ride this out as best as possible?

Do you see any change on the horizon?