3M financial performance has been significantly worse since he came. Why cannot the board and Roman realize that his recipe is not working, unless of course stock at a 10 year low is what they are looking for. As the WSJ article pointed, even without the legal trouble, the operational performance has been lagging. There is no accountability in the top management to performance. They keep all the leaders who failed and put them in new roles, but still on the COC. The good ones leave, and the rest rotate chairs.
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Ppl at GE were shocked that he got this job in 3M and asked who exactly headhunts for us. He was (is) a nobody.
For whom the bell tolls?
Too be fair, finance is not the issue with 3M. People can hate on Monish for being an a-s but at the end of day he is managing the financial state we are in but didn’t really create it. I read these boards and am just as pi---d at the state of 3M as most of you but I also recognize that some of the actions being taken are necessary.
I would be happy with leadership changes, but with that I would expect the new leadership to hold employees accountable and get rid of dead weight, both salary and production employees.
His expression does look like a rock though
Monish can't be a rockstar. Rockstars actually perform once in a while.
When he first came he slated the share buyback actions..remember that ? He said it was last resort for a company, that capital should be spent on investment and growth. In last results presentation he very clearly boasted how much we had spent on share buyback. Literally millions. Wonder what the share price would be if we had not been propping g it up ..wonder what the share price would be if we had invested in strategic growth and investment programs
He may be recent but not up to a formidable task. MMM biz is in decline - he can’t change that
He came from GE. Anyone who worked at GE is a genius, just like their lord and savior Jack Welch.
He is a fiance genius. He made the 3M stock record low.
It is amazing that very few leaders in Mike's inner circle are ever fired. Just reassigned. Tell me people at the mid and lower levels aren't fired instead of getting another chance when they underperform in a job.
One has to wonder of the JG18 and up who've left on their own didn't just decide they couldn't tolerate the hypocrisy and double standards. Like the woman who left for Kimberly Clark.
Fossbach also said any effort to scrutinize operations, as Roman mentioned in the company's earnings call, should include looking at its leadership, according to the Journal.
Wonder when that’s happening !! Let’s start from the top this time around 👨✈️🛳️