Leadership announced layoffs to streamline management, remove redundancy, and drive greater efficiency. AND to lead by their wonderful example, they add a COO layer between all EVPs and CEO.
Great job M&M&M
EVPs: earn ~$5M per year
COO: probably pay bump to ~$8M
CEO: earn $15M+
Post ID: @njh+1msmKdIz
This is true for other groups as well. And that is how organic growth will happen in 3M.
Less and less people to do the actual work, more and more people to " manage" others.
10 years ago, there were 21people in my group and 4 layers of managers between me and CEO
After years of reconstruction, there are 4 people in my group and 7 layers of managers between me and CEO.
It's not just legal issues and weak economy.
MV as a replacement? There will be a lot of corporate fluff but not much content.
This week's move simply confirmed Vale is next in line to replace Roman, which should turn the stomach of everyone else, whether you survive layoff round 7 or not.
It should be much easier for shareholders to nominate a replacement board and both these b-ms out.