Are we done with the layoffs in RemainCo or more coming ? Stock price is at $98 .. Those ( managers/ executives) who are having options will not leave 3M because of the value being zero.. Stick here for decades to come ..
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Supply Chain member here.
We are still waiting to hear what the restructuring means to our group.
Whatever happens, it will be known by end of May.
The changes is our area are known by our immediate management but can not be said.
The sooner we know the better. A lot of time and energy going into worry and wondering and that cuts into productivity. It’s hard to focus.
Supposedly there are more layoff announcements next week.
Not to mention the people they are pressuring to resign so that they don't have to "own" those layoffs
Not a chance they're through. I know that big parts of IT were left untouched because they need them to continue to manage both the SpinCo launch AND Wicked W_ndy's IFM or Bust model while reducing 3M's leased space square footage by a ridiculous amount. Once they're close to getting those jobs done there will be a massive bloodletting in IT architecture.
By the time people have left at the end of June (that is the 6000), another announcement will be prepped for the July earnings report. I'd guess another 2 to 3k let got by end of September.
Spinco wants to show it has a maniacal focus on cost control. Even if monish isn't named CEO, they will shift over a 3M person (Zoe? Lavers?) Who will continue the experiment that growth only happens when you cut deeply.
Remain-co will take the brunt of cuts. Vale already played his hand during the townhall in April about cutting more heads sooner. Then his hands got in the wrong place in woodbury so he got canned. Mike R will likely be the job ki-ler until an outside CEO can be found. The only hope is that one of the spins gets lucky with a McKnight style leader.
If they hire another flunkie big wig from GE it's lights out.
Nope. Engineering still is yet to announce layoffs. Been told week after week to “keep waiting” with no timeline known
Layoffs will continue for both remainco and spinco. Current managers in place have no plan for growth and all they know is cutting their way to growth.
No enterprise has even been successful using that strategy but MR and his team are hoping that they will write their names in glory in HBS study cases when they are successful pioneers using that failed strategy !