How in the world can 3M employees, stockholders, and board members continue to support leadership when they are doing nothing to positively impact stock values? Realize they have responsibility to create and promote a positive work environment which doesn’t always go hand in hand with stock price but come on, this stock has done nothing but decline or remain stagnant at best since the current leadership team was put in place. Something has to give as I can’t see large holders of this stock remaining patient any longer.
There is no leadership at this company, only layers of management. Mike Roman has proven without any doubt he has no idea what he is doing.
3M lost its direction when it abandoned growth as a driver of earnings in favor of endless cost cutting and restructuring. When that wasn’t enough, they looked at stock buyback with borrowed money as a fix . And the sad story continues with empty promises of great turnaround strategies via yet more restructuring. starting to look like GE over the last 10 years. For years 3M ignored to address material water liabilities, kicking the problem
Down the road until the State of Minnesota sued and won damages.. 3M took on a GE tactic & bully philosophy of driving Six Sigma which nearly shutdown innovation in favor of cost cutting.. Elon Musk was 100% correct in his statement that companies have too many managers, meetings and MBA's.