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Ranger47
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I didn't hear anything that will increase investors confidence under Buckley's leadership. For the two and a half years he's been at the helm the stock has been flat lined. Over the same period the DJ has grown 15%. 3M has been the benchmark in capitalizing on International growth - nothing new under Buckley 3M has struggled with organic new product growth under Buckley 3M has always looked for new markets - nothing new under Buckley 3M has increased acquisitions under Buckley - but show me the money. They've delivered some top line growth but these acquisitions are eating into 3M's traditionally high margins. That's why the stock isn't growing and he should be fired
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Troubadour
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Ranger, my advice is start diversifying your funds and think realistically about how companies develop strategies for their products. We're in a recession, and most companies are lucky to break even right now. Many of 3M's markets are overseas and demand is dropping off the charts both here and abroad. It will take time. Firing a CEO every five minutes never turned a profit for anybody and he'd just get giant check. Stop masturbating over your stock portfolio and start reading a newspaper!
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Ranger47
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Troubadour wrote: Ranger, my advice is start diversifying your funds and think realistically about how companies develop strategies for their products.
We're in a recession, and most companies are lucky to break even right now. Many of 3M's markets are overseas and demand is dropping off the charts both here and abroad.
It will take time. Firing a CEO every five minutes never turned a profit for anybody and he'd just get giant check.
Stop masturbating over your stock portfolio and start reading a newspaper! Good advice Troubadour...and I've certainly moved in the diversifying direction. However...to Buckley's ability. I was never allowed the excuse "It will take time" once I'd been in a job for 2.5 years. And those bosses were right, that's more than enough time to judge one's ability/capability for getting results. The company won't be suffer without him.(His buyout cost is nothing compared to another year of no movement in the stock.)
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Danno
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Buckley's "shipping jobs overseas" rhetoric is yesterday's excuse. Try something else. That one doesn't work anymore - you can now buy Toyotas and Mercedes etc. built right here in the USA and more foreign companies are building here all the time. Lesson: if you make things people want, they will buy them.
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Retired tent dweller
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For 30 years I worked at 3M and never dreamed I'd lose my job...then, bam...I'm 50 and out of there...forced into early retirement. While I worked there, though, for years retires got almost yearly raises in their pension...not anymore. I've been retired now about 8 years...the extra money I got to supplement until retirement age is gone; I've never gotten a pension raise. What happened to this company that once claimed that employees are (now were) their most valuable asset? What's happened to the great benefits we once had from a company that kept telling us "they cared" for their employees? What's happened to the pension? Where is this company and its stock headed?
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mike v
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what a surprise,,the economy is in the dumpers, 3m is moving jobs overseas, nothing new is showing up from the company,,as in killer app's,,ceo just gives ya'd ya'd speech's, company hasn't given the general public ( where the money is by the way ) anything to get excited about,,,, how bout colored scotch tape?
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Doesnt It Botheryou
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What color do you want, Mike?
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Happy
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Well I'm positive that moving jobs out of MN has NOTHING to do with tax rates, no siree Bob.
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Gone and Forgotten
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I too was a 30 year vet, turned out because of mismanagement at the top of our division. What do you think will happen to the company in general with this guy's abilities. Are you all aware of what compensation he has accumulated to date?$70,342 in Emp.retire Income,$1,370,990 in Nonqualified Pension and $12,148,337 in Supplemental Retirement. For a total of $13,519,669 in 2 1/2 years tenure. I for example after 30 years, can't get a pension for almost another 3 years, and it won't amount to little more than a couple thousand a month. It is time this company, and this country, had better wake up and start thinking about the disparity between the workers and management, or we are all going to be in big trouble.
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MikeWBL
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George Buckley has suffered from the disinvestment made by shorttimer McNerney. Mc reduced R&D as a % to sales (hint this slows growth to a crawl & reduces competitive edge)and he reduced capital spending thereby creating capacity problems (hint this stops short term growth). Both yielde short term EPS growth but created a hole for Mc's replacement (Mc is very smart. He recognized his mistake & bolted.) Buckley is increasing R&D spending and made 24 investments in plant expansions or new plants. Both will get top line sales growth. In the meantime, 3M has needed acquisitions to bolster top line and become more competitive in the markets they serve. I remain patient for 1-2 more years.
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Ranger47
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MikeWBL wrote: George Buckley has suffered from the disinvestment made by shorttimer McNerney. Mc reduced R&D as a % to sales (hint this slows growth to a crawl & reduces competitive edge)and he reduced capital spending thereby creating capacity problems (hint this stops short term growth). Both yielde short term EPS growth but created a hole for Mc's replacement (Mc is very smart. He recognized his mistake & bolted.)
Buckley is increasing R&D spending and made 24 investments in plant expansions or new plants. Both will get top line sales growth. In the meantime, 3M has needed acquisitions to bolster top line and become more competitive in the markets they serve.
I remain patient for 1-2 more years. Both R&D and capital spending was out of control when Mc came to 3M. He forced R&D prioritization based on business opportunities and held them accoutable and capital was being spent where it was needed based on data, not on whimsicle nicities. Under Buckley, the R&D floodgates opened without accountability (name for me the new product sales...you can't) and capital spending is back to spending on low return investments. An additional 1-2 years of lack of leadership by Buckley only delays the chance to regain investor confidence.
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3M Just SayNO
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New employees at 3M are screwed. Older workers get the 3M pension while new employees get a 401K...I wonder if 3M matches even 4% for them!
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Former3Memployee
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The floodgates have opened and many loyal 3M employees are leaving 3M due to Buckley's lack of leadership. Many who haven't left yet, are looking. The morale at the company is lower than I've every seen it. The guy insults employees - even calling employees "Minnesota Mean". His acquistion plan is going to bankrupt the company. 3M very seldom does well with acquistions and this guy is buying companies like he's playing Monopoly. But what does he care - he is a short timer and it isn't his money. He'll ruin the company then retire with all of the millions that the company is paying him and go back to the UK. Board of Directors - Wake up. You hired this clown, toss him back over the pond.
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Flippin Burgers
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Americans need the wake up call, it goes beyond Buckley.. Corn for ethanol, War for Oil, the greed for Wall Street returns to feed our 401k's..Been in Asia a few times over last couple years and the emerging markets are getting sophisticated and better than you think... At 1 dollar US per hour in India , Viet Nam and others we have to compete in the USA with Tech , raw resources and our own set of services.. New products will help but they will be produced in low cost markets..Reality is we will all be flippin burgers b4 long..
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