Bets on who? External?
21 replies (most recent on top)
Cost cutting your way to growth in diversivied manufacturing based companies has been tried before. Golden examples are GE, DuPont etc. In recent times.
It has led to spectacular failures in the long run. Same time tested failed strategy is being implemented here for a while. The results will not be any different.
Stock price is almost half of recent highs, technical people are largely demoralized, attrition is super high, and no new blockbuster products in a very long time. Externally too, this is now known news. 15 to 29 years ago, 3M used to rank in the top few for most innovative companies and stood tall amongst Apple and others. These days it hardly makes the mark making the bottom 10 %.Few years later it will not even feature in the elite list.
“A lot of G.E. leaders were thought to be business geniuses,” said Bill George, the former C.E.O. of Medtronic. “But they were just cost cutters. And you can’t cost cut your way to prosperity.”
There is nobody in this company at an executive level who should be promoted. We'd honestly be better off if everyone who had a VP title (before the magical bump up in titles last year) was fired. Clean sweep.
Vale is a disaster of the highest order. His only 'strategy' is to yell at people to do less with less but then magically hit higher fantasy targets. He did this in CBG and is doing it now in SIBG. Also don't forget he launched the ISMC sales model is should have resulted in his outright firing, but alas there is no justice in 3M.
What about M Vale or mojdeh?
That’s the recent way how to do transformation, You get a consultant to support strategies to outsource more and headcount cuts !
He got whacked badly on why 3M have to engage an external consultant (extra $$$) to help find out what is working, what is not? Isnt it obvious?
Attended the recent EO huddle reply, the questions that they still allow to be visible is the only reason to attend that meeting. It is pure gold.
Attended the recent EO huddle. The new tire chief must be shocked to hear the numerous online chat questions. So much unhappiness and demotivation. He is in for a good time!
The recent new executive hires hasnt been impressive. No breakthrough strategies from them. They seem to join and blend into the 3M way of doing things... Which is bad
I no longer work at 3M (thank goodness), but bet Monish gets the job. Assuming he does I feel very sorry for all of you still at the company. Nothing fun, interesting, or exciting is coming.
Any takers for a McNerney part 2? More cost cutting initiatives like Six Sigma?
Ex GE for sure. They gave up on growth ages ago so they need someone familiar with things like rationalization, penny pinching, breakups and all the other things the downward spiral entails.
The externally hired execs 3M has gotten are downright laughable
Are any BG evp’s in the running?
Fyre Festival organizer? Madoff’s protégée?
Because GE did so well? We have the leftover losers that ran that company into the ground. Not sure why we hired all these flunk outs. Was there no one from Enron available?
Disciple of Breen will emerge
If it is indeed him, will the 3M stock price further tank by half?
If Monish, women will leave in droves.
GE or Boeing alum isn't a bad bet. Definitely not the right answer for the company, but definitely a real possibility.
It also wouldn't surprise me if they named Monish as COO (heaven help us in that case).
I bet would be a GE alumni