I remember when 3m shares were lagging in the late 1990s, post imation, that local papers were running stories about "what is going so wrong at 3m?" Seemed like Desi was over his head, only to lead to GE McNerney, who inflicted forced ranking and six sigma. These days, not a whiff of inquiry from the star tribune or any other outlet. Has this company become that insignificant?
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The blackout is working just as 3M leaders planned it. My theory is that’s why there was no announcement from MR about a “restructuring,” because those announcements typically have a number or percentage attached to it and it’s all part of a press release. (“We’re announcing a x% reduction in headcount,” or “…X number of jobs will be eliminated.”) By throwing it all onto the BGs, that way there’s no number out there for the media to latch onto, and I don’t buy for one second that this was all a move by BGs. It’s all been so carefully choreographed.
Yes slight more impt than bed bath and beyond
3M used to be a much more important company than if it now. Both to us economy, stock market, and local MN economy. If it really looks like it's going bankrupt news people will pay more attention.
Great minds think alike.
Posted on 3M stock Yahoo message board yesterday.
I am looking forward to someone writing a mass-media story about how the beginning of the downfall of both 3M came after GE McNerney, and his GE disciples Sauer, Thulin, Roman got power.
And then they literally brought in another GE reject, with the most power of all Patolawala to finish the job.
I never thought it would happen, but GE / 80's MBA cost-optimization cult destroyed 3M the same way it destroyed GE, and other companies.
They crushed to ZERO a formerly great company.
3M is literally going bankrupt over loss of culture.
Thanks Milton Friedman and Jack Welch.