Thread regarding 3M layoffs

I have told you time and agin in more gin tonic than scotch. Please get it right.

Also, i make a mean coffee!

1. If a system (SAP) needs more than ten years to implement and more workforce to support, is it the right system the company should continue? Anyone in the organisation look at the total cost involved in this initiative? ???
2. Any of the top executives look at the size down organisation? How can initial APAC Directors (quality, supply chain and sourcing ) after reorganisation became only ASIA one BG responsibility? Roles and responsibilities reduced, but still holding the titles. Sighs.
3. Did 3M executives look at the productivity performance from the support functions? Especially the supply chains and VSM level???

Who were the people responsible for the sAp mess?

Action needed - by 4/1

Good evening, tireman. We know you are reading this.

What scotch number are you drinking now? Perhaps your 6th scotch on the rocks by now?

You do know if Mikey is sent to the pasture for golden parachuted CEOs that you will be discharged and have to barista your through life at a Glasgow Starbucks.

I just wish he would’ve mentioned leaders in addition to Roman like Vale and Monish.

@1jfa+1kZiMOOo

Very smart take.

3M hasn't decided if it wants to be an innovation company with a massive research budget and outstanding customer service with sales reps constantly in personal contact with customers lauding the value gained for the price premium 3M wants to charge -OR- a stripped down commodity company selling on volume and constantly driving down COGS while selling through distributors.

Problem is 3M thinks it can be the former (innovation company) while having obsessive compulsive disorder over COGS (thanks, tireman), to the point of twice annual layoffs (pace of layoffs has gotten worse, has anyone forgot the stealth layoffs in August) since customers (who haven't see a 3M sales rep in person perhaps for over a year due to travel bans) will no longer pay a premium price nor wait through a months long backlog when the competition has better priced product ready to ship.

In short, 3M has metastasized into a cheap imitation of today's GE. A rudderless company, devoid of a true mission, living off last century's memories, much like an aged movie star who still thinks he/she can play the leading part in the next Godfather. Instead, the actor is now competing with Joe Namath during game show commercials pitching overpriced Medicare plans to unsuspecting customers. Problem is, 3Ms customers and investors are no longer being fooled. This German investor has finally called Mike's bluff.

Good luck to all. But more layoffs will happen in June when monish sees really bad 2nd quarter numbers.

Lots of employees have benefitted from the poorly executed A3M too. Many got their job grades bumped and stay at home for 3 years now due to pandemic WFH. What a lucky bunch.

Lots of people have made lots of money off of the failed SAP implementation.

Mike Roman didn’t come up with all these lame ideas, like A3M, on his own. He listened to a lot of incompetent executives most of whom believe they are the smartest person in the room. I heard the BS being spewed about SAP for years so I’m sure he was presented a version of it with extra lipstick on the pig.

The most out of touch executives reside in staff organizations where they look down their noses at and drain resources from divisions trying to actually make and sell something. Now the divisions are toothless, the staff orgs are bloated and ignorant and no one has the knowledge, authority or wherewithal to change the trajectory. And Mike sees little of it because he only interacts with people who have CYA and self-promotion objectives. But unless the next CEO has a highly accurate bull sh#t detector, how would he/she avoid being led down the same primrose path by 3M’s egocentric executives?

I wonder what it would take to remove MR from his position? another -30% drop in share price?

nowadays, i feel ashamed to tell people that i work for 3M. it is becoming a disgrace. i am waiting to get my severance package

I’m ashamed it took an outsider to point this out.

What took so long? lol.

About time someone said something. Doubt the board will do anything this weekend when they meet since Mike controls the board and prevents any real information on what is going on from getting to them. Truth is he has been pulling money out of things that propel the business like the sales force and manufacturing workers, and spending money on his vanity projects and initiatives. When they built operations, they created so many more directors that it as hard to keep track, not to mention all his alphabet initiatives.

First, why does this investor have so many shares still? Just saying…

Also, I agree that ousting Roman will do nothing if they do not clean house on the board. The board has supported him for 5 years and at this point are just as much or at least a significant part of 3Ms demise.

3M’s revenue and earnings have been disappointing since Mr. Roman became CEO in 2018, citing a total shareholder return of negative 32% during that time, compared with a 62% gain in the S&P 500.

“We are in regular discussions with our shareholders and we always welcome their feedback,” a 3M spokesperson said in a statement.

In other words, "we have no idea what we're doing."

Meaningless investor letter, unless they can get board seats and change the cronies on board of directors. Only way to change the Executive leadership team is to oust the current board.

Mike is just collecting a fat paycheck as long as he can. He knows it's only a matter of time until they give him a golden parachute. He and the rest of his cronies are just milking mother mining until they are asked to leave.