Please explain this. If the Board of Directors aren’t in control, who is?
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Where has MP been lately? He seems to be keeping a pretty low profile, especially since he is our only President.
MR reviewing himself at EPR time:
“I should fire myself for hiring another GE stooge and a coffee guy to run this place”.
“ No I shouldn’t, yes I should, no I shouldn’t”.
Yes the COC Suite is filled with greed. Yes the legacy that was 3M is crumbling. Yes, our leaders are defunct knuckleheads, as indicated by the consultants. Yes, 3M will have far fewer rooftops in the very near future. Yes, your job will be outsourced sooner than you think.
Simple answer : Nepotism and favoritism at it's finest.
When the BOD is full of your buddies, hand picked by you, why on earth will they ever fire you?
Corporate Buddies will always look out for other buddies.
At my facility the North Highland Consultants are running the show.
Our local management is grossly incompetent. All of our managers are bullies and liars, and without an experienced 3Mer in the group. The local "management" "team" do whatever they feel like and the equally incompetent and pathetic HR group not only doesn't care, but also emboldens them in their quest to destroy careers.
Groundskeeper Peter manages the only way he knows how, and hired highly paid consultants to run the show.
This is not how I envisioned a 33 year career ending.....
They cannot even find a proper replacement for the TEBG group president who left the mess. Nobody wants to take over this sh1t.
Inge pulled a three card monte on shareholders when activist investors swooped in to force out CEOs at Air Products, Dupont, Dow and others and forced an eventually breakup.
He not only changed the rules but borrowed billions to buy back shares and drive the price to 250 to scare off activists who would have had trouble raising the dough to force 3M to replace the CEO and break up the company.
The jokes on us now that what Inge tried to prevent is now happening under the M&M boys but at massive lost to shareholders.
Even a knucklehead/figurehead could have done better.
But, for conversation purposes, let’s assume the board of directors could fire them. Who would want to take this $h!t show?
Because large shareholders aren't voting "Against" Roman and the rest of the BOD on the annual proxy. The largest shareholders (Vanguard, Blackrock, State Street) must be OK with the path that MR has put the company on. Or maybe they just don't have the b@lls to vote against him.
Both M&M should be "meeting expectations" in their past 5 years of EPR! Some years could be even "exceeding"!
Biggest mystery of the century !!
The board rules, bylaws and chairmanship were changed under former CEO Thulin. This made the CEO position head of the board of directors as chairmen, instead of an independent director or auditor. Mike Roman is his own boss and all the boards directors are loyal to him. 3M's board is a figure head group with very little independence outside current leadership. He isn't firing himself is the answer.