From 3M Company's presentation at JPMorgan 2021 Industrials Conference (Transcript), March 16, 2021. ( Transcript at www.seekingalpha.com)
"Our goal also, as we do these restructurings, as Mike had announced, when we took the charge was, it creates the oxygen for us to invest in our business".
Culling employees and reducing cost is going to the growth driver for 3M moving forward ! No plans for organic growth...it seems.
A3M model is a joke, it's a gimmick to show investors, but it doesn't actually help or do anything differently, except make things worse. Even more ridiculous were the new positions created with the new model in 2020, and then some of those same positions laid off in 2021. What is the point? Just posturing, smoke and mirrors. Get out while you can, every other conglomerate is doing better than 3M, this company is going nowhere with Roman at the helm.
Letting people go constantly when there are employees they bring from other countries and do not process the paperwork.
The advanced 3M operating model is slowing down many decisions instead. It has created another layer of reporting. Looks good on theory but doesnt work!
Beautifully said. Roman should be out. This is where Roman invested millions in Oct 2019 (and for several months beyond that) after stripping 2,000 of their livelihoods. Massively poor optics and just bad business. A brand building campaign that will likely result in no short-term growth, especially one touting 3M science for the company as a whole. Theses decisions keep coming too. Investing $1B for zero carbon or whatever. Keep creating that oxygen to invest wisely Mike. Your employees really aren’t they important anyway.
https://www.ispot.tv/ad/o4Wf/3m-problem-solvers
These comments from Roman are so illogical it would be funny, if not for the sad outcomes for employees. 3M has $5B in cash on the books, saving $0.1B or $0.2B in cutting jobs while fighting massive service issues (i.e. overworked people/plants) is id–tic. It's time for Roman to go, he is clearly in over his head.
The executives don't want to grow, they want their internal scorecards to be green. Those scorecards don't have anything to do with actually growing the business.
Looks like no more growth for this company
Better see it’s shares before it plunges
This is ridiculous. They’ve been creating oxygen for 2 years now. Retrenching appears to be the path forward.
PFAS...
Oxygen?
Looks like Carbon Monoxide to me.