The once best place to work.
- CEO
- cfo
- Six sigma
9 replies (most recent on top)
Wish top managers can read these comments but we all know that they don't, never, just like the so-called employee survey
- hubris
- Weak leaders
- Passive aggressive culture
No real meaningful innovations for 30 years, filing thousands of trash patents without New technology and products. 0ver 800 managers only working on ppt and never spending a second in plant, lab, and customers.
Get rid of six sigma, regional sales managers and segment marketing. All of them are paper champions!!
MR has probably cut more heads than JM. Just saying
No matter who's fault, we all have to pay the price. Top dogs take their big check and move to other companies.
We have a structural issue that has persisted since the days of McNerney. The only key support for earnings growth the last 10 years has been stock buy backs and China tailwinds. Our issue really is quite simple - growth is too low, margins are too high, and our total addressable market are not big enough at non dilutive margin level to grow the company profitability. I’ve said for YEARS to my leadership that in almost every business that I have touched that 3M is not calibrated with industry/peers with regards to margins. Our focus should have pivoted from margin to growth - especially in this last LONG expansion period when $ was cheap. It would have required courageous executive leadership that would have to sell an expectation recalibration with our shareholders, but I believe it would have us better positioned for where we are now.
The only reason an investor buys $MMM is as a defensive position with solid dividend yield, but they can get stable dividend yields without the share erosion with Verizon, Chevron, Coke, etc. The litigation liabilities and poor organic growth make $MMM a less attractive position for defense minded investors.
For the inflated stock price , I would say it’s largely due to Inge’s time. Lots of financial engineering to take on large debts for share buy backs. Not forgetting the infamous SAP rollout which stock up huge inventory builds to prepare for go live. This gave false sense of growth and further drive stock to $260 level. In the end, the bubble was pricked, and here we are with 50% of share price remaining.
The decline into the mud started with ge guy mcnerney. He brought in cost cutting, six sigma, forced ranking, and age discrimination. Buckley just stood around and did nothing for 5 years but acquire the infamous aearo. Inge looked good but borrowed billions to push the stock to 250. Then inge left us with Mikey mike. No Lewis lehr left to rescue the place.