Did they answer anything? No questions posted.
Mike addresses layoffs, but blames “the business” even though all business or functions told by corporate to reduce.
I guess he is not running the place after all, but someone called “the businesses” as I guess they make all the decision
Worst CEO in 3M ever. Period.
Opening of huddle:
MR: “Hi! We had to do restructuring because we’re not growing.”
Closing of huddle:
BH: “Hey Mike, what do employees have to look forward to?
MR: “Growth!”
(Cue “Curb Your Enthusiasm” soundtrack. And I mean that quite literally.)
MR really mailed this huddle performance in. He left no reason to feel better about the position the company is in and failed badly in trying to express enthusiasm at the end. The business led layoff story is a joke. It seems clear that all BGs were told to cut anywhere you can and be sure to consider division consolidation and restructuring.
CEO huddle just checking the box. It's really sad. Over 15 I've invested at this company and I am ashamed to be a part of it. Maybe MR is the same. I'm so disappointed in our leadership, I really wanted to believe.
The "business led" is total garbage as Monish is micromanaging every aspect on a week to week basis. Sales reps cannot even travel now and this is supposed to help what? This is all Monish running a failed plan from a failed company and Mike is sitting by and watching. The board only is paying attention to the lawsuit, but when and if the is resolved, Monish will have destroy what is left.
The worst thing to do is have a huddle and then look like the 3 stooges in that old comedy flick where they pretended to be football players. Moe could run the c suite better than mike and moni, and with Larry and curley and maybe throw in shemp too at least we'd have a lot of laughs. Now we just have mega millionaire knuckleheads who can't even find the bathrooms in the newly remodeled hq
The CEO huddle was rubbish, as expected. I'm not sure there should be any surprises there. What was surprising was that our bean counter from GE wasn't there. Beyond the numbers and all...
If moni-moni becomes the CEO, it will be significantly worse than it is now. He is incompetent and regards and treats everyone as inferior. But stranger things have happened (like Brian Henry being an SVP to ask rehearsed questions - utterly embarrassing!)
We should hope for a leader who brings some sanity to the structure of the company. The A3M experiment has failed miserably and BTW, it made a consulting company based in NYC very very very rich. They told leadership to expect voices of dissent, which will die down in about 3-5 years and its business as usual. The unexpected twist is the lawsuit complications. Our litigation department is not up to the task (lots of pearl clutching there...). We will use an external law firm as they will charge us a good sum of money to do this (tens of millions). I am confident that our management is stupid enough to go back to the consulting firm and ask them to recommend a law firm (if they havent already). It is not a coincidence that the former (USELESS) general counsel moved on. It is not a coincidence that Mojdeh Poul left. It is not that difficult to connect the dots.
The huddle was meant for leadership to cover their butts as an "ethical" company. They pretended to keep the employees abreast of the situation so that no one can say otherwise. They downplayed the entire lawsuit and I heard the moderator call the new lawsuit a "nuisance". They did not disclose how many employees were laid off either. And I don't know what MR has to be excited about, maybe because he is leaving way richer than when he got here. We learned nothing of substance and we will have to depend on gossip and the media to truly know what the status of the company...
He will be remembered as the worst CEO in 3M history to destroy shareholder value by half
Mike has all the appearance of a lame duck leader. No plans. No enthusiasm. No passion. He must be months away or less from being a highly paid retiree
Mikey looks very tired while giving the talk
Doesn't seem to be inspiring today
great little website this is, only hearing about it as it is getting some notoriety amongst the big chief's at St Paul. Anyway it looks as though we will survive albeit we have tried to bluff a settlement of one billion USD . The next few litigation claims will start in October and dependant on the amount of settlement, a picture will certainly be painted of where the top line figure is going, nearly a quarter of a million claimants, hopefully over 95% do not have serious health issues with hearing.
If they do not get this litigation issue resolved, settled and the uncertainty nothing else they talked about will matter. You can complain about inventory levels being too high, to much tied up cash, you can blame the businesses for having to much head count, cash liabilities, but until you resolve that issue the downward spiral will persist. This is what leadership and the lawyers are paid to do.
Long time recently retired Exec Conf.
I agree, looks like they are finally getting rid of Roman, to be replaced either by Monish or hopefully qualified outsider (hate to say it but sort of like Buckley - he was better than people think, delivered growth with R&D and acquisitions....)
They better negotiate a settlement on the hearing lawsuit soon.
The Market obviously see this uncertainty as very negative. Stock is crushed.
But 3M won't go anywhere near the 20B MIN the other side is probably demanding.
Could push 3M into BK if they fight to the death with veterans.
Good question - what should we be excited about.
MR has no control as a CEO, business decides..
WOW they majorly downplayed that litigation. "oh they are just trying to grab headlines".... its only largest case in US of its kind...
Lots more cuts coming imo
MR explained why there was no company wide announcement of a layoff. Reason given is that this was “business led” decision. What a load of C R A P
More evidence he is being packaged out and told by the board to shut up. Monish is calling the shots, otherwise why isn't Mike going to the investor conference. Best bet is he is sent to the exit as part of lousy 3rd quarter earnings. Monish doesn't want to take the heat for bad earnings report.