Anything interesting that in shared today?
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https://m.youtube.com/watch?v=tpEPhjy7k2w&pp=ygUlc2luZ2luZyBudW5zIGRvbWluaXF1ZSBlbmdsaXNoIGx5cmljcw%3D%3D
I can't take any comment seriously when it's littered with those stupid nicknames for execs. It seems like this board is filled with 12 year olds.
While Tireman and Schulz boast about some pilot program that CBG is running, on the other hand, CBG president is selling off part of her shares @$92.... seems like words don't align with actions??
What a farce.
We could all only wish wee-man Pete, Tireman, half pint would retire. He is in charge of manufacturing and has no manufacturing background. Worst dire tor of manufacturing in 3M history and there is no close second. All he does is waste money on hiring cronyism pals and consultants.
Is Tireman due for mandatory retirement as well soon?
Hey Tireman, I'll take a 2/3 caff triple ristretto affogato venti, 2 pump mango 1 pump classic, 2%, mango to the second line, 3 scoops protein, 3 scoops berries, 2 scoop matcha, add banana, double blended, with whip, caramel drizzle, salted caramel topping, vanilla bean frappuccino. What's the ETA?
Tireman is a fish out of water. He’s not at Starbucks anymore. You can only rely on your son’s consulting firm to do so much heavy lifting.
The way Tireman speaks is so un-inspiring. Totally different from the new Solventum CEO.
My opinion is tireman should be called The mascot of Lucky Charms, Lucky the Leprechaun, since they all think things will magically appear and solve issues of poor management by all, excessive marketing positions and a board that all should be replaced
My favorite was “The world is a better place because of 3M.” What about PFAs globally and hearing loss in our Veterans? We also lost $$$ in pension benefits and doing WAY more work with less people. Also, who is actually going to stop managers/directors from scheduling “urgent” calls during vacation?
Moe Hailstone would love tireman. Take your vacation. The 3M "leaders" are golfing with Curly now
A 60 bp SG&A cut implies a headcount reduction of at least 3 to 5%. 60 bp is close to flat, so in order to hold SGA flat the cut basically has to offset inflation. SGA is nearly directly proportional to headcount, so the cuts imply a headcount reduction. At this level (3-5% reduction) it may or may not mean layoffs, attrition could do the job if there is a solid hiring freeze.
The COGS side is harder to say without knowing raw material (RM) impacts. (I don't know TEBG's RM breakdowns well enough to comment.)
When they start talking about taking vacations, you know things are bad. Oldest trick in the book to bag some short term P&L help. GE bookkeeping at its finest. 🎪 🎪 🎪
And tireman said
Don't disturb when on vacation.
So kind of our senior executive
3M "Take your vacations". We have your best interests at heart. You can trust us. We care about you. Honest.
Take your vacation…. So 3M doesn’t have to pay it out when they lay you off
The only thing I remember Tireman said is "TAKE YOUR VACATION".
I think you assumptions sound somewhat correct. I am not a finance person either, but I interpret it the same way.
TEBG TH indicates 60 basis point cut to SG&A and 200 basis point cut to COGS (% to sales) from Q1 OP compared to TY OP. Not a finance gal, but seems like it would mean headcount reductions (SG&A) and plant impacts (COGS). If anyone with a financial background can confirm or elaborate, that would be appreciated.