Thread regarding 3M layoffs

mathematically, 100k employees 2 hours will at least cost $12M-$20M. Hope he can 'say' something

Perhaps a re-branding announcement for RemainCo since leadership broke 3M and wants to separate from its history. Perhaps HQ relocation too

He could ask Tireman to update on Supply chain healing status too.

They will not announce a dividend change during a CEO Huddle. Any change in the dividend will come from the BOD via press release.

The pension will not be rolled over into the 401k. Lots of reasons why that can’t happen. Not saying they won’t freeze the pension at some point in the future, but such a change would come via written communication from HR. Besides, Roman is too chicken sh_t to announce any change to the pension. He would be booed out of the room.

More restructuring talk is certainly possible. Perhaps an update on litigation. Comments on how the HC spin is progressing, next steps, and timing (Q2 2024?) could be helpful for employees.

Dividend cut, pension freeze, more layoffs....

so much to choose from ....just take your pick bro

Two hours is too long for a fully live production. You can expect that the event will feature canned, pre-recorded clips from other events like employees from around the world singing the praises of 3M, its culture, volunteer days, etc. Heck, they may even dig deep and roll a few select commercials or highlights from the 3M Open.

Will this be from the Crystal Bay studios or a live event from the Universe rooms? I could see MR using this to give his health of the company address (she's de_d, Jim), plus introduce B Hanson as SpinCo CEO and let him have 15-20 to paint his vision about what the future brings, Moni will provide his update.

There's an outside chance (10% or less) that MR officially announces his retirement "later in 2024", Moni as his successor, and that they will work on this transition in the coming months. The reality is that as soon as that's announced the exiting CEO is essentially done playing boss and the "transition process" is really just some global trips while the old guy introduces the new guy to select VIPs and offers assurances.

Roman's a lame duck at this point, and there's usually a nice uptick in the stock price when a new CEO is officially announced because Wall Street analysts like certainty. The question is when can 3M best exploit this de_ad cat bounce in price before it really tanks once the spin is complete?

Rumor is a change in pension plan or compensation is expected. Pensions will be rolled over to 401ks. Maybe that is part of the 2 hours?

Could be also giving excuses why there was a delay in the hard spin off

It is highly unusual. MR typically barely fills up his :30 moderated by Guy Smiley. The invite makes it sound like they are doing this event based on requests for it. I’ve been assuming there hasn’t been a strategy or a plan for growth, so wondering what they’ll share. Probably just big B strategies based on strat plans. Major budget cuts were not requested, at least in my business, so earnings might not be as bad as expected, so thinking layoffs not likely given how deep they went earlier and they are still executing globally. Maybe Monish’s preview at the conference got people expecting terrible Q3 results, so actual results won’t be as bad as anticipated. Should be at least somewhat interesting . . . or not.

2 hour huddle? Translated, that means 10 minutes of real content.

It’s all been said … Roman has single-handedly destroyed a corporation. His policies are wrong for 3M, wrong for America, and wrong for the hardworking, dedicated team members that he has ran off or those who remain.

Mike is due for mandatory retirement in 2024 so it is likely he will wait out.

Strange that this time round the board didn't offer Mike to extend retirement, unlike Inge time which I recalled there was an offer to Inge

Q3 earnings call on 10/24 and CEO huddle for two hours on 10/26

Mike Roman should step down.Embarrassing how is reign has impacted 3M and it's employees. Anyone with self respect and self awareness would do the right thing and hand over the reigns to somebody else. Roman has Bern richly compensated, well beyond what he has earned.

When is that huddle meeting?

Looks like explanation of the reason for another round of massive layoffs.... 5000, 10000...any takers?