Zoom is laying off 15% of their work force and the CEO is being accountable by taking a pay cut and ensuring that the top execs are having a decrease in their salaries as well.
Mike Roman should be doing the same. The top execs should also get a pay cut. Take some responsibility for running this company into the ground...
3M CEO Michael Roman's compensation drops 23% in 2022
A securities filing by 3M this week shows that the pay for 3M’s top executive dropped 23% from $18.2 million 2021. Excluding Roman, the C-suite, which includes both established leaders and newcomers, made a combined $26.6 million.
The median 3M employee in 2022 made about $70,905, 3M reported, meaning the company's CEO-to-employee pay ratio was 198:1 last year.
Link to article: https://www.bizjournals.com/twincities/news/2023/03/24/3m-roman-compensation-2022.html
As posters said on previous threads, also cut the upper fat!
It was nice to read this article that compiles a list of companies that have announced layoffs and find out cases like:
Link: https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023
Thank you to the poster who shared the GE story. Moneyish will put in his resignation the day his paycheck is threatened. Same for Roman. They have no loyalty, spine or integrity. They have a breed of execs who are like that too. Money is the only god these people have. They are shameless cheats.
GE board docks CEO's stock award - interesting article given 3M's desire to replicate all things GE.
General Electric's board has yanked stock awards for chairman and CEO Larry Culp that were valued at more than $14 million at the end of 2022, The Wall Street Journal reports. Based on GE's 2023 proxy filing, the board said Culp failed to hit minimum performance thresholds as GE breaks up into three parts — a health-focused arm (GE HealthCare Technologies), energy (GE Vernova) and aircraft (GE Aerospace). Investors' overall rejection of executive pay packages jumped significantly in 2022, and they are expected to remain vigilant on compensation this year.
Source: https://www.linkedin.com/news/story/ge-board-docks-ceos-stock-award-5580204/
If we underperform, we are placed on corrective plan. If higher executives underperform... they are still getting an annual increase? Really unethical. Meanwhile, at Novartis:
Amid major restructuring, Novartis CEO Vas Narasimhan's 2022 pay fell by more than a quarter
After handing Narasimhan $9 million in performance-based pay in 2021, the company’s compensation committee slashed the CEO’s award in that category by a whopping 61% last year.
Complete news:
https://www.fiercepharma.com/pharma/amid-major-restructuring-novartis-ceo-narasimhans-2022-pay-fell-more-quarter
Just remove the puppet chief and company can save $20 million jobs.
Theres a reason they increased board pay. To keep their pay insulated from cuts.
Hah, the day the Executives take any responsibility or pay cuts at 3M is the day that hades freezes over. WE are all just surfs and peons, we always take the cuts, never any cuts in upper management or COC. They will waste more money on consultants than give us anything or listen to the Employees. Been through 4 pay freezes already, having met or exceeded standards all 4 of those years, including little to no AIP to make up for it. Its no wonder at Tier meetings it silence or little to zero enthusiasm. When have Executives ever taken a pay cut or sacrificed at 3M, absolutely never! There are no true leaders at 3M just dictators, tyrants in a silo and selfish followers.
The employees are having a big pay cut.
Just look at the projected AIP going to be announced later this month.
To tell you for a fact that 3M has right sized peoples pay grades and job grades based on performance or based on their perceived capabilities or incapabilities. After running the organisation for the past 5 years, the same treatment should be administered to this team, incl MR. Walk the plank…
I would dare someone to ask this in a town hall, but it won't make it past the Soviet-style censorship board.
Absolutely correct. MR has zero accountability. Same outrageous pay for a job extremely poorly done while thousands lose their jobs. Many other large companies have done what Zoom is doing. MR said he was going to look at everything we do - this would be a good one to start with to show you have some skin in the game. Time for some SVPs and others to feel some pain too.
Has anybody else noticed how much Dr. Roman and Dr. Lavers look alike?