Thread regarding 3M layoffs

I’m curious - Is this team’s leadership still around or did they do something about it? This thread actually came up when I googled 3M’s recent investments - must be gaining traction!

@Bert

Spot on. And I bet you anything this guy used to work for MR at some point, and was good at mindlessly following orders. Here’s another vomit inducing plug by the same org that published the now infamous video, where this VP blatantly spouts BS about diversity.

https://globalventuring.com/corporate/gcv-powerlist-2022-ben-wright/

I would take bets that his team probably has one of the lowest diversity metrics. And the banality of the statement is worse, given he’s obviously made no effort to even read 3M’s D&I report (published externally); Sad part is, most of the people engaged in dialogue here, want 3M to do well. Whether they’re employees or otherwise. There are still amazing leaders in the company who care about the core science . It’s a great material science company. If only they would recognize more leaders who know how to lead, and aren’t just concerned with their image.

Although previously used the appropriate title for a 3M book would be, “State of Denial.”

The fact of the matter is it is 2023 and for the last five years, the entire reign of Mr. Roman, all 3M measurable economic indicators have been on a relentless downward trajectory.

A slave stood behind the conqueror holding a golden crown and whispering in his ear a warning: that all glory is fleeting.

Prescription: Put 3M through divestiture, terminate ALL levels of management, liquidate unprofitable entities using the funds to pay lawsuits, and establish a statement of principles beginning with, “The glory days of yesteryear whether actual or perceived are over, the slate is clean, and it is a new day.”

The more radical, the changes, the more likely that some form of 3M will survive. Anything less, and all we’re watching is the slow death of a once strong firm.

https://youtu.be/z5IlykcnXmM

You know the saying - People will forget what you said, what you did, but they’ll never forget how you made them feel?

Is it just me or did this video make everyone feel like their IQ dropped 10 points along with the 3M stock? Please powers that be… make some changes… As the video says… all big companies do this…

@1iqx+1nExAgNF: You’re confused. That two year old announcement was coming off bad press about 3M discharging chemicals from its manufacturing facilities (https://cen.acs.org/environment/persistent-pollutants/3M-admits-unlawful-release-PFAS-in-Alabama/97/i26). Much of this “investment” was legally required to keep existing 3M factories open running (https://www.regulations.gov/document/EPA-HQ-OW-2020-0582-0059). Certainly not a traditional investment to commercialize new technologies or products.

@1iqx+1nExAgNF

That’s great, but it’s a very nominal goal for a company with the size and scale of 3M, also “investment/spend” is not the right metric to measure a company’s success, it’s ROI (pretty basic) and the statistics are disturbing compared to competition. Also, 3M needs to make sure the $1B investment isn’t determined by the 5 boss wonder, else, they’ll be left with $850M in 2050 but, with a really great “strategy”

3M recently announced it expects to invest approximately $1 billion over the next 20 years to accelerate new environmental goals: achieve carbon neutrality by 2050, reduce water use by 25% at its facilities, and return higher quality water to the environment after use in manufacturing operations.

Wow! So just say ‘Strategy’ 84 times, reveal things about management changes and claim how amazing you did. This passes as 3M’s direction? Yea buddy, relationships matter - part of that is being mindful of the words that come out of your mouth. I hope his 6th manager holds him accountable for this representation of 3M instead of the standard sweeping it under the rug - let’s address poor leadership immediately rather than wait for something big to come out like Vale.

@lbt+1nExAgNF

Thanks for sharing that YouTube link. It’s a textbook example of 3M corporate lingo bingo, 100% devoid of any substance whatsoever. I’m a recovering ex-3Mer and it’s been awhile since I’ve listened to complete nothingness like this. It triggers my 3M PTSD honestly.

@qca+1nExAgNF

This! This is the right take.

One does not make money on 1 or 2 or 10 VC bets.

One makes money on 100 VC bets where:

• 90 fail fully
• 5 fail partially, but get a least a little money back
• 4 are a little profitable
• 1 makes the massive profit for all the others.

There’s a YouTube video where the erstwhile 3M Ventures VP gives tips on how to be a successful VC (funny) - Gives advice on how he represents 3M’s image externally, and then goes on to smirk and tell the whole world he’s had 5 bosses in 5 years - Good job airing dirty laundry and tanking the stock bro. Hope HR was watching your image building too.

https://youtu.be/z5IlykcnXmM

Oh, 3M, the pipes, the pipes are calling
From glen to glen, and down the mountain side.
The summer's gone, and all the roses falling,
It's you, it's you must go and I must bide.

These guys are in St.Paul? Why? I thought VC people were supposed to be in Silicon Valley to interact with start ups? Must be so they can get the best seats at town halls and be visible to executives. Duh - what am I thinking…secrets to becoming an executive with no contributions!

Instead of planting a field and looking for a few outstanding plants to grow, they are planting one seed at a time and hoping it is the savior.

Don’t be shocked kid. maybe read the peter principle on incompetence. All will be clear.

Well, nothing surprising about that. Highly internally focused businesses and KPIs and leaders only want to hear what they’re doing well. Did not know about the $20M - Great to hear that as we’re laying off thousands of workers, we’re investing millions to lose $3M per year instead. When is the next round of layoffs to offset that?