Heard directly from a COC member’s mouth last month (confidentially and behind closed doors): “We need to shrink the center of the company significantly.” They already have names and titles in place for rounds of planned layoffs in Q1. They are planning more throughout the year to accommodate no growth, recession and the healthcare spinoff. The entire COC and their operating committees are hard at work with plans to pare down the center. If you are still at 3M, I urge you to shape up your résumé and start networking. It’s only going to get worse. Sharing because I’d rather be loyal to my fellow 3Mers. From what I have seen working closely with COC members, they are ruthless and lack humanity on such a grand scale. Good luck to everyone.
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Chief “Exciting” Officer Roman and Chief “Flimflam” Officer Patolawala (AKA Consigliere), will continue to eliminate staff and anyone who disagrees with their reckless decisions. Together they are dismantling 3M for inexplicable yet selfish reasons.
Massive budgets cuts within TTS for 2023.
Consolidation of the quad is underway. All admin functional positions to be housed in building 223. Assessments have been made and the cost to keep lights on and heat etc doesn’t justify the lack of individuals working on campus. Expected lease out or sell off of main campus real estate likely and underway.
Shrink Corp Dev, Ventures by huge percentage. Lots of high paid staff here.
Shrink the core refers to the core functions that support the business groups: TTS, global strategy group, EO, etc.
What does "shrink the core" mean in this context? Are you meaning decreasing Central Research, the Business Labs, or something else?
We have wise ones on this site. Thankful for the crowdsourcing analysis
Black Rock, state street, ESG, answers
How does a once really great company like this unravel before our eyes over the course of 4 years under an incompetent CEO and he gets to remain as leader as it collapses? Seriously, how?
All this adds up. Enough leaders have privately communicated the bad news will be in waves, not one big swoosh.
As for 220, since the demise of 3M is only starting with the health care spin, expect several more smaller spins. The lawyers will not be able to stop the company from breaking up. They know they can always sue each piece to try to collect. Thus has happened many times before.
As for the maplewood campus and 220, expect half of the place to be vacated within 3 years as the smaller spins will not want to have to pay maintenance and taxes on buildings. Fewer execs too so 220 will be leased out, perhaps to many companies and even some non profits.
The real loser, beside employees, is maplewood which will lose a huge amount of tax revenue. That city has been in decline since the 1990s anyway, but crime and dr-gs will really take over the place. Just hope it doesn't spill over into places like woodbury.
You, Sir or Madam, are a hero. Nice to see someone up there has integrity. To the points made by the 2 posters above, we are hearing the messages ad nauseum to keep our heads down and stay focused, don't worry, everything is gonna be OK. Of course they want us to keep our heads down so we don't pay attention to what is really going on in the company. All trust in exec mgmt has been lost with the direction this company is going in. Crash and burn status.
Is the closure of Bldg 220 related to the Center pare down? Isn't that the building with the C level execs?
This post is very credible. At least 2 of the BG group presidents basically said as much in late August when they announced the restructures, suggesting more layoffs in 2022 and throughout 2023. Really interesting approach here - telling employees they may be safe now but they will need to look over their shoulders for the next 14 months, also requesting that everybody stay focused and it’s business as usual, keep doing your job (while you have it) and delivering for the company.
I meant to say 2023!