People at 3M are giving too much credit to "Moan"ish. He was a middle management bean counter at GE and a bad one at that. We can thank Zoe and Roman, and our lovely Board for hiring him and probably paying a recruitment company millions in the process. When you put a one-trick pony in charge of finances, what did you think they were going to do. Working in 3M Finance is PURE HE-L. Don't for a sec believe in all the hocus pocus of trust and respect. Moan-ish is as toxic as they come. The only good thing he exposed was the utter incompetence of 3M Finance and Audit.
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Only thing that will save workers from Monish Hunger Games model and him getting to carve out the best part of 3M is Chapter 11. He Monish is running company Mike Roman is coward puppet that has made all the worst decisions like adding more Senior VP's and pursuing the litigation strategy. Chapter 11 is only thing that will save 3M from all its lawsuit liabilities. Worst part is Monish and all new CO, CIO are banking on soft landing spot at Spin Co and separation company for themselves. It's not hard decision and Corporate operating CO only answers are to orchestrate a Coup and try and strip out any last good assets remaining. Anyone that does real work, needs to start jumping ship. Tired of the same lack of leadership, any real effective change and corporate cheerleaders and brainwashers. There is almost as many layers of management as there are workers, to execute all the operating tasks and work. Hard to save money and offer up ideas when nobody in this tone deaf leadership group will listen. There 8s no hope F it. If I'm on the way out I'm playing Cool and the Gangs celebration song to HR. There is no hope!
Bk..,
$10 billion is $43k per settlement. Way too low. One case already received $74 million. At $5 million per settlement, the total cost is $1.15 trillion. Yes, trillion. There are 230,000 cases to settle.
If it ends up being only $10B, they should count themselves lucky.
Moni shouldn't have been given control of a maplewood subway. Instead promoted to cfo. GE was something 50 years ago. Jack Welch doomed it to an has been.
Chapter 11. With the judge including HCBG in assets and screwing the CFO that is trying to put a nest egg aside so that he has a business to be CEO of.
He’s never been liked for the right reasons. MR has always handed him the power stick too. Unfortunately this guy also tore apart GE and 3M picked him up before he finished it off over there.
Hopefully not bankruptcy, but 3m did itself no favors criticizing the Florida judge while thinking the indiana judge would rule in their favor. I don't see any settlement less than 10 billion being approved by the trial lawyers. That's 10b not available to pour into fixing advance 3m and more R&D to provide a stronger future.