Thread regarding 3M layoffs

We need to be fair about a few things and put them in context

The previous CEO COO combo was the origin of many issues, including the overwhelming channel stuffing which caused the share price to go to an artificial level. So let's not forget the negative contributions of those two thugs. We are still paying the price.
Then came MR, unsuited to the job from the get go. His then incompetent and slippery CFO quit after realizing he was out of his depth. Then we got the current CFO, who could not have imagined getting this job in his wildest dreams. I'm not sure what more toxic, forever chemicals (PFAS) or him. The number of bloopers under his watch (tax evasion, AIP changes, manipulations to bolster share price, superficial audits, DISASTROUS IT strategy, etc.) deserve an award for most incompetent. The previous head of legal was also serf serving and self promoting. He has moved on to bigger and will now make their lives miserable.

So if we find ourselves in quicksand, its because of execs that lack competence and who have NEVER been held accountable. The really sad part is that they never will be held accountable (and they secretly know that).

Bumping this from @vsr+1ivg1moC, it deserves to be on top.

by Anonymous
| 1491 views | | 6 replies (last September 4, 2022) | Reply
Post ID: @OP+1iwp4vCQ
Comment! It's anonymous!

6 replies (most recent on top)

LSS and segment marketing. Votes on who is more full of it?

by Anonymous
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Post ID: @2shn+1iwp4vCQ

Unfortunately for our plant in the UK, the Dilbert Principle was used for the majority of promotions

by Is That You Dilbert!
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Post ID: @zpd+1iwp4vCQ

Not sure I would put this on LSS. The percent of leadership with LSS experience is not that high.

by Anonymous
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Post ID: @owz+1iwp4vCQ

I agree that mcnerney was definitely the foundation of this mess. Remember when he was using six sigma to promote the up and comers? People were in the early to mid 30s and are now early to mid 50s. Mike must have been one of his disciples. Not that Desi was great but he understood what 3m leadership and values were all about. Mack came in with cost cutting, six sigma, and forced ranking. Buckley was a fill in who did next to nothing and earned millions. Buckley was the ceo who bought aearo which is now the final nail in the coffin. Inge borrowed billions for share buybacks that have now dropped to 120 from 250. And also saddled a lot of debt. Mike is just clueless. Handsome looking and a good talker but peter principle in action. I remember when this company was featured positively in books about leadership.

by Anonymous
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Post ID: @swp+1iwp4vCQ

I would 100% agree. Plus, they have sold the shareholders such a line of bull. The forecasts are based on outright falsehood.

by Anonymous
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Post ID: @pqd+1iwp4vCQ

The root cause of the systemic issues plaguing 3M is McNerney & Lean Six Sigma. 3M now has a management class all the way to the top who earned their stripes being told they're special and working as black belts. They've been trained to think they can solve any problem with the right spreadsheet and cost cutting. 90% of 3M's current leaders are clueless without any business sense. GE's demise was caused by the same problem and 3M is lagging 4 years behind because they were 4 years behind implementing six sigma. The company is in a death spiral and not recoverable even without legal issues.

by Anonymous
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Post ID: @erm+1iwp4vCQ

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