(Bloomberg) — 3M Co. fired executive Michael Vale for “inappropriate personal conduct” and violating company policy less than a month after he was promoted to one of the manufacturer’s top posts.
(Bloomberg) — 3M Co. fired executive Michael Vale for “inappropriate personal conduct” and violating company policy less than a month after he was promoted to one of the manufacturer’s top posts.
The company said in a statement Monday that Vale was terminated “for cause” as of May 12. It didn’t specify details of the issue other than to say that it was “unrelated to the company’s operations and financial performance.”
“When 3M learned of and verified the violation, it took immediate action,” the company said.
Vale, a 30-year 3M veteran, had been named just three weeks ago to the new position of group president and chief business and country officer, overseeing three of the firm’s four units. Deane Dray, an analyst with RBC Capital Markets, said in an April 26 note that the role was “essentially” equivalent to chief operating officer.
Vale couldn’t be reached for immediate comment Monday.
The ouster is another setback for a company trying to regain its footing following years of operational stumbles, growing liabilities and a collapsing stock. The maker of Post-it notes, touchscreen display films and disposable respirators has announced 8,500 job cuts since late January as part of sweeping plans to streamline its corporate structure amid slumping sales.
The shares slipped less than 1% at 9:31 a.m. in New York.
3M said it has initiated a search for Vale’s replacement. Effective immediately, the leaders of 3M’s safety and industrial, consumer, and transportation and electronics businesses will report directly to Chief Executive Officer Mike Roman.
(Updates with share trading in seventh paragraph)
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