It is truly incredible how McNerney and GE parasites have destroyed multiple formerly great American businesses.
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I have read several articles describing the environment at Boeing. It sounds much like 3M. According to one article because of furloughs and layoffs, Boeing lost many experienced workers. There are very few left to train the newer workers Another article mentioned morale is an issue.
Are you taking heed to this Monash? McNerney saved a ton of money using an old design that resulted in a door plug to replace an emergency door from a previous version. Then perhaps six sigma brought on a reverse auction for cheaper door plug bolts that brought on so much excitement that self locking nuts were overlooked. After that, perhaps six Sigma did away with wrenches at the point of assembly. But look how much was saved! Break out the pareto charts!
And now with the pension announcement... 3m is gaining speed on the flush down.
fully agree. CFO has contributed significantly to the change in 3M from an innovation company to one solely driven by cost reductions.
The concept of GE business model is the one to emulate is far outdated. It’s hard to believe that 3M picked up their CFO. Whoever did that should be fired on the spot. All this GE bean counter had done is further poison the horrible atmosphere that McNerney left behind.