Think he had something going on with DC in the closet
18 replies (most recent on top)
Or turned him in for cause
Looks like one of the Dec retirees turned on him
Current 3m employee .The fact that 3m has been mismanaged for years now is so bang on .Huge salaries from the top down ,to even front line supervisor positions .The layering of management is suffocating to say the least !(heads of departments...supervisers then coordination positions ..back up coordination positions and then less than enough actual workers ) all of this is a joke ..They run this company like the government would .waste money layer management beyond control,pay outrageous salaries for mediocre performances. Deep pockets they must have ?..I for one will be glad to leave a company that has the worst old boys club and now moving on to the old girls club ever ..This was once a great company that did lead and now it just takes .Pays under performers,protects them and promotes them ..Real shame .
Why is everyone worried about Mike Vale?? All the worker Bees like myself barely made it through the last 5 years, with an annual cost of living increase of 2%?? He made 4.6 million and another 2.3 million in stock this year.
Just like all 3M management, poor leadership, lot good ole boys promoting each other, and little regard for those of us who made the company $ by closing deals.
So happy to be retired from this poorly run company!
If he is 55 he can retire and not be terminated
In the last earnings call, 3M announced that they will eliminate 6000 jobs and also reduce the management layer. Bravo.. They did both in one shot. I don't understand in the first place why they needed a COO. Instead of a COO, they could have saved another 20 jobs of working bees. I am retired with my lump sum pension and sold all my stocks for heavy loss at $105. But I am super happy because I don't need to worry about 3M anymore even when the stock goes to 70s.
There’s a police record out there that was easily found in 2018.
Toro Director Michael Vale Resigns From Board, Follows 3M Firing
https://www.marketwatch.com/story/toro-director-michael-vale-resigns-from-board-follows-3m-firing-f36a7b24
I truly believe that if 3M could have got away with sweeping whatever it is under the carpet - they would have done. Something big had to happen in the last 3 weeks - that they don’t believe they can keep a lid on. I think it’s going to come out in the wash.
Termination for cause also means no pension in addition to no severance.
Retired and happy,
I agree with you. If the cause (if), is harassment or improper relationship with a subordinate then those people might have a reason for compensation from 3M.
The point I was trying to make is that Mike Vale is highly unlikely to get any type of severance or special deal in this situation. If things with 3M were even close to amicable, they would have done a 'leaving for other opportunities' or 'retiring' announcement.
Somebody kept this info in reserve and now they attacked full force. He was gone in no time. It had to be a major and documented harrasment.
Varys,
The most obvious and plausible example is either se-ual harassment and/or inappropriate relationship. In many cases, this is punishable by the law. Many companies (Ford, etc.) Had to pay settlements and fines for allowing this type of toxic culture.
If what you say is true, perhaps Vale knows that he could be criminally charged and made public and possibly fined if people come forward. While such people have that right, I suspect 3M is working on internal settlements that satisfy those affected so that Vales very humiliating dismissal is warning to those who wish to repeat and also give courage to those who wish to come forward.
Does anyone know if it's true that his wife (soon to be ex as rumored) Sent some emails to employees about this. Pretty sad for all but MIT wiz kid Vale.
I'm so glad I enjoyed a 30plus year career and retired happily married with a pension and a happy marriage.
Dear Post ID: @zbq+1mDH9Adp,
Why would you expect 3M to treat Dr. Fale any differently than a more common 3M employee?
3M HR excels and prides itself on scorched earth career termination. I didn’t get severance, unemployment, reference either and I didn’t do anything wrong.
Since he was clearly fired, he can not collect unemployment insurance.
No severance.
No unemployment.
No reference.
No job.
No dice.
What does he tell his wife? Mistress?
Nope, terminated immediately 'for cause' is going to absolutely ki-l any severance. All of the stock option paperwork and AIP paperwork is pretty explicit that 'for cause' terminations send all of it down the drain. If he receives any significant amount of severance it opens up the board up for a shareholder suit the board is likely to lose.
BTW, 'for cause' has a lot of precedent as a legal term of art. The Venn diagram of 'for cause' reasons and 'things that are clearly crimes' has a LOT of overlap. Simple incompetence is not even enough to justify 'for cause'.
In terms of Vale's play, whatever the reason he is probably smart to keep his mouth shut. 3M didn't do this unless it had the receipts. If there was any significant doubt, they would have just forced him to quietly retire. This move means it had to be bad.
I would guess that he's getting some sort of severance (probably a million or more) as part of his firing for cause to keep his mouth shut. Not that the company has to but Roman is trying to keep Vale from spilling the beans on what has happened in the C-suite these last few years.
It's likely he is staring at his computer screen and curling up in the fetal position now that he has no one to replace him. Roman was praising this guy just 3 weeks ago. How is it that he was so blindsided by whatever led to Vales dismissal?
Most smart companies make big negative announcements after closing on Friday. If Vale was a goner on Friday, why not bury him then while the Twins were playing at home and in 1st place. No one would remember on Monday.
Unless there is some transparency here, the rumor mills will be a distraction for some time. I'd didn't care for Mcnerney at all but he would have had more to say by now.