Thread regarding 3M layoffs

Cut costs, cut people, toxic environment, get as many contracts as you can, so looks good in the news- but leaves company before execution that lose money

Got to remember that the board were hungry for a share price increase, hence hiring McNerny. Today, the board would still be hungry for a share price increase, so there is no reason to expect things to be better than the McNerny era.

As for Desi's successor, the best choice was Bill Monahan, who had been Imation CEO for over 4 years and a long-time respected 3Mer.

I doubt imation could have kept him from leaving, maybe in the first few years but not over 4 years later.

Either 3M board got obsessed with GE-mania. Or they didn't like the internal choices (Andrews?) Or maybe Bill decided to stay put.

This incoming Bill will be the last 3M CEO, at least 3M as we know it. I could see a piece of what's left of 3M such as SIBG being named "3M" but the world class company is Terminally Ill.

Thanks a lot Mcnerney, whichever resort community you've infested with ill gotten millions.

3M Employees are doomed. Brown will flush us down just like Monish was planning to do.

1fzt+1sbazsdg

Corrected

I remember Mike Roman getting as low as 39% for CEO approval (Brown was 30%) and 3.8 overall 3M company (Brown's was 3.0). So, take Mike Roman's worst quarter and Brown was 25% worse. Hard to believe that we will look back at the Roman years as the good times. That's where we are at.

1fzt+1sbazsdg

I remember Mike Roman getting as low as 39% for CEO approval (Brown was 30%) and 3.8% overall company (Brown's was 3.0). So, take Mike Roman's worst quarter and Brown was 25% worse. Hard to believe that we will look back at the Roman years as the good times. That's where we are at.

by the way, how is Mikey CEO rating as compared to Brownie?

@1dlz+1sbazsdg

Great take, I suspect you are right.

I think the board couldn't find anyone good who would actually take the CEO job. The same problem also exists for the TEBG job.

Very interesting point….if a good internal person (and I think there were at least a few back then) replaced Desi, then how different the situation might be now.

Brown is a poor man's Mcnerney. He will be made rich by his contract with 3M per everyday employee standards. But the guy is a chump who will do the bidding of Wall Street and slash costs (people) and break up what's left of this once wonderful company.

He's 61 and was out of work after his last gig. That says it all. 3M couldn't even find a decent 50 year old CEO willing to come aboard a sinking ship.

If he ends his tenure with even a 30 percent approval rating that will be a miracle.

If only Desi had been replaced with a homegrown leader who cared about innovation and supported an HR that cared about people and not about buttkissing the big boss, this would be a profitable and happy company to this day.

It turns my stomach to see what Mcnerney did to both 3M and Boeing. And his is living in luxury while 10s of thousands of employees and retirees live with his disastrous decisions.

A gift from our Board of Directors.

Same cr-p different day. McNerny did the same thing, look at the long term damage done as a result.