Front and center on the WSJ home page, for all the world to see how the mighty have fallen.
https://www.wsj.com/business/3m-innovation-scientists-lawsuits-contamination-5a48d46f?mod=hp_lead_pos7
Without paywall:
https://archive.ph/qorxS
16 replies (most recent on top)
We can thank our CLO for trying to package the earplug liability with Aearo and then spin it off. It earned a rebuke from the judge, and sanctions against 3m. Great idea Rhodes!
https://www.forbes.com/advisor/legal/product-liability/3m-earplug-lawsuit/
I think you need to look hard at TEBG and its leadership. Smart yes, capable of leading and growing biz ??
The board of directors is responsible for the current problems. The have hired fools like McNerney, Buckley, and Roman, then tolerated the problems they created.
Wasn't just the last 12 months for TEBG.
Banovetz and the R&D machine being alive and well. Bollocks...... If climate-saving tech and EV components are selling like hotcakes, then why did they lay off so many of the TEBG lab organization in the past 12 months!?!?!?!
I loved the line from Olester at the end. He backhandedly called out exactly what will happen.
Does anyone really, in their deepest soul, think that Mike or Monish will 'fight their way out' or even make a serious attempt? It is abundantly clear Mike has already 'laid down to die'.
The article quotes retired 3M technical people and personnel who have recently left the company.
That is the right approach since they can speak freely, openly and honestly about their opinion about the sad demise of this once mighty innovation machine.
Thank God they did not quote 1) current 3M employees who will not be able to speak honestly (fear of repurcussions....of course ) , 2) current 3M top management who would have spun the story that would make even Fox News proud and 3) our chief science officer and scientist extraordinaire ......JS
Not sure putting McKinsey consultant as cto was right thing to do. The blame lies there.
The share price of 3M, included in the Dow Jones Industrial Average for nearly 50 years, has been cut in half since Roman took charge in 2018. While much of that is because of the liability lawsuits, investors such as Abdulaziz Alnaim of London-based Mayar Capital, which holds 76,000 shares, say it also reflects an enterprise where innovation is sputtering.
“They’ve lost their way, unfortunately,” he said.
Lack of innovation is the real reason the company is dead… all that money every year invested and for what return … so then we buy some companies with technologies we wanted but could generate ourselves and bo-m here we are a decade later
Very good article
One of the first articles I’ve read that takes a more comprehensive look at 3M these days. Unfortunately still soft pedaling the horrible stock performance under Roman let alone completely missing the talent retention crisis. Overall not a bad article.
“ Current and former scientists say the strategy makes it more difficult for fresh ideas to survive a gantlet of management naysayers. “
Oof aint that the truth
Name any new platform in last ten years (can't include extensions). You can't do it. We have strangled ourselves with process and lack of any funding. We are dying the slow death. It takes a year to sign a contract with any partner.
Banovetz cannot drive innovation when starved of money by our ceo and cfo. No one can. This is not an R&D problem.
Kinda hits the nail on the head. Banovetz saying the innovation engine is still strong - he is either deluded or just not being truthful. Or maybe a bit of both. It’s sad to to see a beloved friend die.