Saw a bunch of these postings. Anyone knows what this New Health Care Company is? A spin off? Potential spin off? Thanks in advance.
23 replies (most recent on top)
What a boring post!
Lavers loves the feel of being so important in the Spin and why not, we all love big ego's, Murphy doing his stuff too , being important and a legend in his own kitchen, HR is looking nearly complete for the Spin with so many promotions to keep the C-Suite happy,it truly is great to see the upkeep of these massive salaries being looked after, have not heard much from the big smoke Roman, but I'm sure he is all set for the 3M Open next week when he can mingle with other millionaires and use the company jet for the weekend. Anyway , back to the grind stone for me, twelve hour nightshifts for same pay as a Walmart check out operator. just hoping the shareholders are not too despondant with the share price which will keep climbing now inflation on way down
There has been a lot of announcements the last days concerning important people for important positions in the SpinOff. But we, normal people, do not even have a piece of paper confirming that our employement contract will continue next year, we do not even know where we will sit, to which conditions. My departement has not been named on any of the many slides... probably going to the GSC. At least a part of it, or outsourced. This is not motivating for all employees.
By the way, in EMEA there are layoffs been done, without nobody knowing about it. Not in the figures of last year and not in the figures of this year. No announcement. The jobs are transferred to the GSC.
A bit off-topic here but I really question the whole idea of the spin solely because it’s coming from management that has run this company into the ground for the last five years. Who in their right mind would trust MR to be involved in any way in helping set up SpinCo for success? Has there been one successful initiative under his tenure? How did that KCI acquisition work out. Overpaid for it, racked up a ton of debt, and now spinning it off.
We do not have a CEO named yet, but we do have a DEI Initiatives Executive! Yay!
Post ID: @1shv+1nEN4vpp
There are definitely Rohit fans/PR on this page for some reason - not sure why.
Smith and Nephew isn't buying HCBG, not without a LOT of help from someone else with actual money in the bank. Why:
- HCBG is substantially bigger than S&N. (~$8B vs ~$5B)
- S&N is not in a great cash position, only $344M on hand at last annual report.
- S&N is still carrying a ton of debt - long term debt is roughly the same sales multiple as 3M. (~6 months of sales)
- Apart from MSD, nothing else in HC makes sense merged with S&N.
If you told me that S&N would make an offer on MSD in a HCBG break-up, I'd believe you. It would be a big stretch for them, basically doubling S&N's size, but in the realm of possibility.
RK and/or the RK PR team sure are active up in here!
Q. What are 3Ms biggest selling products?
A. Adhesives and Tapes
Need I say more?
I concur. Given the 3M track record of failures over the past decade, who in their right mind would allow anyone from 3M to weigh in on wallpaper samples, let alone business decisions?
It is worth reiterating that 3M will only control 19.99% of the new healthcare firm. The managing partner(s) will control the remaining 80.01%. This means, 3M will NOT be calling the shots. 3M will take their monthly welfare check and hand it over to attorneys to continue the years of litigation relating to PFAS, ear plugs, financial malfeasance, et al. Eventually the 3M brand of healthcare products will be overridden by their new owner.
Smith & Nephew is stronger than 3M (much less debt) and what better way to eliminate your competition than to buy their business for the price of a hotdog (3M desperately needs cash). This is why in that scenario, Dr. Rohit Kashyap, would make a logical and excellent choice to run the organization from whence he came.
The person that keeps suggesting Rohit as CEO has been implying for a month and a half that Smith and Nephew will try and purchase 3M New Health Care company as soon as it is a separate company.
Tireman putting out hits for people posting on a message board. Why? Because he was exposed for hiring his son's consulting firm?
Mea culpa in mis-reading the Ms. Moller's name.
I stand by my opinion of Rohit, if there was a fit there he wouldn't have just started at Smith and Nephew.
@jqw+1nEN4vpp
If you think you have my identity figured out enough to know about anything that I kiss, I suggest you contact Tireman Pete. I have it on good authority that he will reward anyone who identifies regular posters on this site. If anything you would get to see me marched off the premises like Mike V.
Where have you been? How do you not know about the spin-off??
We have a vision benefit at 3M. A checkup and new glasses will help you discern MILLER from MOLLER. Kimberly MILLER resigned from the Minnesota Nursing Board in May 2023.
Next time stop after, “I don’t think…” That is obvious.
Smith & Nephew is superior to 3M. Rohit is in a good place now.
Nope, I highly doubt either person.
Rohit just took a job this month that is probably better than SpinCo CEO
Ms. Moller was just fired from the MN Nursing board for gross mismanagement. While a great qualification for a 3M executive, I don't think SpinCo is going to go with them.
New Health Care Company - Likely Hires
President & Chief Executive Officer:
Dr. Rohit Kashyap
Executive Vice President Sales & Marketing:
Ms. Kimberly Moller, RN
Dude, don't copy my handle. That is rude. Especially when all you are doing is copy and pasting the 3M PR speak.
To OP:
The postings are being labeled that way so nobody is misled or surprised on which side of the split they will end up on.
From what I'm seeing many of the postings are out there to hire functions that won't be supported by RemainCo after the split.
3M is establishing two industry-leading companies, creating value through the spin-off of its Health Care business, while 3M will continue to be a global material science leader, focusing our innovation to win in favorable global megatrends and attractive end markets. This new Health Care Company will be a leading global diversified health technology company with:
Proven category leadership
Exposure to attractive end-markets
Innovation mindset driving improved patient outcomes
Collaborative customer relationships
Deep global regulatory experience
Operational excellence and strong cash flow
Strong sales growth and profitability with significant recurring sales. We expect the creation of the two companies will be completed by the end of 2023. For now, we will continue to operate as one global company. This role is positioned to drive the success of the "New Health Care Company”.
Former 3M's Health Care and Business Group being spun off between now and 2024 and identified as New Health Care Company until a name and CEO is decided in the upcoming months before Go Live.
No PFAS, AFFF, or Ear Plug issues on the Health Care side!
SpInC0